Oil Prices Rise on Hopes of Easing Sino-US Trade Tension

Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and for crude demand.
Brent was up 33 cents, or 0.6%, at $59.67 a barrel, while WTI was also up 33 cents, or 0.6%, at $54.50 a barrel, CNBC reported.
US President Trump said on Monday he believed China was seeking a trade deal after Beijing contacted US officials overnight to say it wanted a return to talks. 
China’s top negotiator, Vice Premier Liu He, had earlier said Beijing was willing to solve the impasse through “calm” negotiations and opposed an escalation. 
Concerns for the global economy have increased as trade tensions between Beijing and Washington mounted in recent days. 
China’s Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft. 
In retaliation, Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States. 
SEB analyst Bjarne Schieldrop said the oil market was worried about “the secondary global growth effects of an upwards spiraling trade war between China and the US.”