Trump said Thursday he had ordered USA trade officials to consider tariffs on an extra $100 billion of imports from China, raising tensions with Beijing, Kallanish Energy finds.
Thanks to strong demand and relatively subdued supply, recent inventory data has mostly crude oil prices.
Brent crude oil briefly rose above $70 per barrel, but at the time of writing the price was at $69.83 a barrel, up 1.72 per cent. Tracking the most-active futures contracts, the global benchmark marked its highest finish since December 1, 2014.
US West Texas Intermediate (WTI) crude futures for the May contract edged higher by 1.2 percent to $64.22 per barrel, while worldwide benchmark Brent futures for June delivery climbed by 1.2 percent to $69.53 per barrel. The settlement was the highest since March 26, according to FactSet data.
Oil prices fell about 2% on Friday after US President Donald Trump threatened new tariffs on China, reigniting the fear of a trade war between the world's two largest economies that could hurt global growth. No clear direction is seen yet, and while the precious Yellow metal price trades within that range there is none.
Oil markets have generally been supported by healthy demand as well as supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC).
30 dead, including 27 children, in India bus crash
An injured student, Ranveer Singh, told the Indian media that he fell out of a window after the bus started rolling into the gorge.
Nepal PM calls on the President Kovind
As far as Uttarakhand is concerned, we share an global boundary with Nepal and are committed to help our neighbour. Nepal also signed a fuel purchase deal with China, but the route between the nations presents logistic challenges.
Conor McGregor turns himself in following Barclays Center scrum
Straight after the bus incident, Nurmagomedov called out McGregor and seemed to challenge him to an unregulated fight . And while Dana White does seem to be upset about his actions, there's no way they don't capitalize on this.
"The Saudis are fully committed to getting oil to $80 a barrel". "The Saudis are confirming what they have already told us and that is that they will do whatever it takes to reduce excess oil inventory and drive prices to what they see is a fair level".
Crude oil prices are bounding higher this morning, extending yesterday's steep gains, as geopolitical tensions ease.
Gasoline futures on NYMEX also jumped, gaining 2.93% to $2.0423 a gallon, as the DoE's Short-Term Energy Outlook showed the average retail price hitting $2.74 in Summer 2018, nearly 14% more than in the year before.
Industry group the American Petroleum Institute is due to release its weekly report yesterday.
"China is the main importer (after Canada) of USA crude oil, to the tune of about 400,000 barrels per day", Petromatrix said, Reuters reported.
May natural gas ended at $2.656 per million British thermal units, down 1.4%.
Among refined products, May gasoline rose 2.9% to $2.041 a gallon and May heating oil added 3.4% to $2.065 a gallon.