Trade Deal Optimism Help Raise Oil Prices – 9 May, 2019

Optimism over a possible trade deal between the U.S. and China calmed global economic fears and helped oil rise over 1 percent. U.S. West Texas Intermediate crude futures were up 1.1 percent and 68 cents to $62.38 per barrel. International Brent crude futures rose over 1 percent and 72 cents from their last close to $71.11 per barrel. President Trump quoted a letter he received from Chinese President Xi Jinping stating the “beautiful letter” read “let’s work together”.