Oil Near 3-Month Highs
Oil prices on Monday held near three-month highs, supported by last week’s announcement that an initial trade deal had been reached between the United States and China.
Brent crude oil futures rose 17 cents or 0.3% to $65.39 a barrel, while West Texas Intermediate crude was up 10 cents or 0.2% to $60.17 a barrel, CNBC reported.
The US and China announced on Friday a “phase one” agreement that will reduce some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of US farm products and other goods.
“What the market needs now, though, is clarity around exactly what the deal entails,” analysts from ING Economics said.
“The longer we have to wait for this detail, the more likely market participants will start to question how good a deal it actually is.”
The Friday agreement averted additional tariffs on Chinese goods totaling $160 billion that the United States was set to impose over the weekend.
US trade representative, Robert Lighthizer, said on Sunday the deal would nearly double US exports to China over the next two years and was “totally done” despite the need for translation and revisions to its text.
China’s State Council’s Customs Tariff Commission said on Sunday it had suspended additional tariffs on some US goods that were meant to be implemented on Dec. 15.
source: Financial Tribune
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