Oil Prices Soared by 1% amidst U.S.-China Trade Negotiations

A day earlier, prices of Crude oil had seen a downtrend over China’s GDP slowdown due to U.S.-China Trade. However, this claim was countered by bullish signals from both the Chinese and U.S. refining sectors. The Brent oil prices now increased by 1% or 35 cents to $60.26 a barrel. U.S. West Texas Intermediate (WTI) crude futures edged up by 66 cents, or 1.2%, to $54.57. Both crude oil is supposed to be at a steady price throughout the next week.

As U.S.-China Trade negotiators are working on nailing down a Phase 1 trade deal, the share prices are assumed to increase further.