Oil prices firmed on Tuesday after Washington and Beijing agreed to prolong their tariff cease-fire for another 90 days, easing fears that renewed trade hostility between the world’s two largest economies would undercut energy demand. Brent crude added 26 cents, or 0.39%, to $66.89 a barrel, while U.S. West Texas Intermediate advanced 22 cents, or 0.34%, to $64.18 in early Asian trading. A White House official said President Donald Trump approved the extension to give negotiators more time to reach a broader trade accord and avert triple-digit duties on Chinese imports ahead of the year-end retail season. The move removed a near-term threat to global growth that has been weighing on commodity markets. Traders are also watching diplomatic efforts to end Russia’s war in Ukraine. Trump is scheduled to meet Russian President Vladimir Putin on 15 August in Alaska, a session that could lessen the likelihood of U.S. secondary sanctions on buyers of Russian crude such as China and India. Any progress toward a peace deal would further allay concerns about disruptions to Russian oil flows. Beyond geopolitics, investors await U.S. inflation figures later in the day for clues on the Federal Reserve’s next interest-rate decision, another variable that could influence crude demand and broader risk sentiment.
Oil gains as US-China tariff truce extension boosts trade hopes - Reuters https://t.co/D49TmxJh60
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Oil gains as US-China tariff pause extension boosts trade hopes https://t.co/O3pGzuWzZb https://t.co/O3pGzuWzZb