Hopeful Trade Talks Cause Oil To Rise – 8 January, 2019

In a hope that China and the U.S. may soon be coming to a trade agreement, oil prices climbed over 1 percent. International benchmark Brent crude futures rose 1.3 percent and 79 cents to $59.47 per barrel, while U.S. West Texas Intermediate crude futures climbed 1.5 percent and 75 cents to $50.53 per barrel, with both benchmarks having also gained over 2 percent in previous sessions. There is a March 2nd deadline for negotiations, and should they surpass that date, President Trump has said he will follow through with his plan to raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports.