NEWS： Oil price is expected to rise nearly 4% driven by China US trade
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Oil prices rose nearly 4% on Friday, boosted by signs of progress in US China trade talks and stronger than expected economic data from both countries, including US employment and Chinese manufacturing activity.
Brent crude closed up $2.07, or 3.5%, at $61.69 a barrel, but fell about 0.4% this week.
US crude oil futures closed up $2.02, or 3.7 percent, at $56.20 a barrel, but fell about 0.8 percent this week.
A senior trump administration official said the trade talks between China and the United States are progressing smoothly. The United States plans to sign a preliminary agreement this month, which pacifies the global market after nearly 16 months of tit for tat tariffs.
Liu He, the Chinese leader of the China US comprehensive economic dialogue, spoke with us trade representative lait Heze and finance minister nuqin at an invitation, Xinhua reported. The two sides held serious and constructive discussions on properly resolving their respective core concerns and reached consensus in principle. The two sides discussed the arrangements for further consultation.
White House director of the National Economic Commission said trade talks with China are making progress, and the United States still plans to sign a preliminary agreement this month, but the first phase of the agreement has not been completed, and some issues will be put into the second phase of the agreement.
"You're going to get a strong reaction from what looks like a deal to be reached right now," said John Kilduff, partner at agin capital management in New York.
"This has significantly improved the outlook for the global economy - especially in Asia, which is the region most affected by the trade war."
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