WTI Crude Oil Holds Last Week’s Gains, Awaits Further Developments on US-China Trade Deal
At the start of a new trading week, WTI crude oil prices are trading steady, holding on to last week’s gains as markets await more positive developments towards the US-China trade deal. At the time of writing, WTI crude oil is trading at around $57.78 per barrel.
Although reports pointed to an unexpected build in US crude inventories, crude oil ended last week on an upbeat note as the mood in the markets was lifted by promising comments from officials on trade talks between the US and China. A trade deal could potentially boost economic growth in both of these countries and support the demand for oil, turning crude oil prices bullish.
A report released by China’s state-owned media Xinhua reported that the latest phone call between the two trade teams was constructive, although it failed to provide additional details. According to the Chinese Commerce Ministry, Vice Premier Liu He’s discussion with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin was focused on key concerns about the phase-one trade agreement.
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