Oil steadies after falling on Trump comments on U.S.-China trade

Oil steadies after falling on Trump comments on U.S.-China trade
  • Clock-gray 03:32
  • calendar-gray 09 November 2019

Oil prices pared losses on Friday, after earlier falling more than 1% following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China, APA reports quoting Reuters.

Brent crude futures rose 3 cents to $62.32 a barrel by 1:23 p.m. EST (1823 GMT). West Texas Intermediate (WTI) crude fell 7 cents to $57.08 a barrel.

Brent was headed for a weekly rise of 0.9%, while WTI was on track to gain 1.4%.

Prices pared losses in midday trade, after Brent reached a session low of $60.66 a barrel and WTI sank to $55.76 a barrel.

“Given the volatility around the U.S.-China trade saga, it’s hard to be short over the weekend,” said John Kilduff, a partner at Again Capital LLC. “The turn of a phrase could restore the very hopes that were dashed just last night over a deal being struck.”

The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

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