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Oil prices rally on eased trade tensions

Xinhua,April 11, 2018 Adjust font size:

NEW YORK, April 10 (Xinhua) -- Oil prices rose on Tuesday as the trade tensions between China and the United States showed further signs of ease.

China will launch a number of landmark measures this year to significantly broaden market access, Chinese President Xi Jinping said on Tuesday.

He also pledged measures including significantly lowering import tariffs for vehicles and some other products, and enhancing the protection of intellectual property rights.

Analysts said Xi's comments greatly relieved market anxiety for a potential trade war between the world's two largest economies.

Meanwhile, oil prices were also supported by the dollar weakness on Tuesday as a softer greenback makes dollar-priced oil more attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, decreased 0.24 percent at 89.625 in late trading.

The West Texas Intermediate (WTI) for May delivery rose 2.09 U.S. dollars to settle at 65.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 2.39 dollar to close at 71.04 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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