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Oil Price Surges | US China Trade Deal Edging Closer

Published March 4, 2019
  • Crude oil prices headed higher, rebounding from a steep sell-off seen last week, largely driven by the improved risk sentiments after a report highlighted that the US and China are nearing a trade deal. WTI crude prices have hit a high of $56.55.
  • Global markets rallied amid growing optimism the US and China will reach a trade agreement as soon as this month. US President Donald Trump and Chinese President Xi Jinping might seal a formal trade deal around March 27, given progress in talks between the two countries, the Wall Street Journal reported.
  • President Donald Trump reiterated his criticism of the Federal Reserve’s monetary policy, saying that increased interest rates led to a strong dollar and impeded economic growth. Trump further said the US economy is doing well despite the actions of the central bank.
  • British Prime Minister Theresa May will lay out plans $2.1 billion to help boost economic growth in towns that supported Brexit. The government said the fund would be targeted at places that had not previously shared in the country’s prosperity and would be used to create new jobs, help to train people and boost economic activity.