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US-China to Resume Trade Talks | Oil Extends Decline

Published April 29, 2019

• US and China will resume their high-level trade talks this week as they move closer to close a deal. The White House’s statement released on Tuesday said that Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China to continue the negotiations starting April 30.
• WTI oil extended its slide to below $63 a barrel after US President Donald Trump demanded that OPEC raise output to soften the impact of US sanctions against Iran. Russia said it would restore normal oil flows to eastern Europe within two weeks.
• US personal spending rose by 0.9 percent in March compared to February, beating the market expectation for an increase of 0.7 percent, while personal income rose by 0.1%, below expectations of a 0.4% rise according to the Bureau of Economic Analysis.
• US Secretary of State Mike Pompeo expressed confidence that trade talks between the US and China will not be affected by the end of Iran oil waivers. Pompeo further added that the United States will ensure that the global oil markets are adequately supplied.