Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand.
Brent crude rose 3 cents to $59.77 a barrel by 12:10 p.m. EDT (1510 GMT), while U.S. crude was down 11 cents at $56.10 a barrel. Both contracts had traded lower earlier in the session.
The United States said it would extend a reprieve that permits China’s Huawei Technologies to buy components from U.S. companies, signalling a slight softening of the trade conflict between the world’s two largest economies.
“It’s the ebbing and flowing of the U.S.-China trade war and some hope of economic stimulus that’s coming at these markets, including potential fiscal stimulus by the Germans,” said John Kilduff, a partner at Again Capital in New York. Read More
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