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Oil prices rise on eased trade tensions

Xinhua,April 10, 2018 Adjust font size:

NEW YORK, April 9 (Xinhua) -- Oil prices rebounded on Monday as the trade tensions between China and the United States showed signs of ease.

U.S. Treasury Secretary Steven Mnuchin said on Sunday he does not expect a trade war between the United States and China to take place, according to media reports.

Analysts said the upbeat comments from the Trump administration helped lift market sentiment on Monday.

The oil market was hit hard last week amid escalating trade tensions between the world's two largest economies, with New York and Brent oil prices both plunging nearly 2 percent on Friday.

Meanwhile, oil prices were supported by the dollar weakness on Monday as a softer greenback made dollar-priced oil more attractive for holders of other currencies.

The dollar index, which measures the greenback against six major peers, decreased 0.31 percent at 89.826 in late trading.

The West Texas Intermediate (WTI) for May delivery rose 1.36 U.S. dollars to settle at 63.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 1.54 dollars to close at 68.65 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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