Oil prices have soared



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Oil prices have soared



Oil prices rose in international markets today to $ 63, driven by hopes that the US and China will resolve a trade dispute and that Washington will abolish tariffs on part of Chinese imports.

In the London market, barrel prices rose 67 cents from the previous close to $ 62.80. In the US, the barrel was trading at 58 cents, above $ 57.12.



China is asking U.S. President Donald Trump to phase out more tariffs, introduced in September, in the first phase of the trade deal. This would mitigate the damage caused by the trade dispute to the economies of two of the world's leading oil consumers.

“The abolition of individual tariffs should result in a partial recovery in oil demand, in parallel with the recovery of the economy and trade,” said Han Tan of FXTM.

Oil prices are also backed by a decline in key US interest rates, a weaker dollar and increased US employment in October, Reuters points out.

Oil prices have soared

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