Oil prices soared by more than 4 percent on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
U.S. President Donald Trump said on Sunday that China had agreed to cut import tariffs on American-made cars, a potential boon for automakers including Tesla Inc and BMW who manufacture in the United States for export to China.
Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country’s energy minister said on Monday.
U.S. chipmaker Qualcomm Inc rejected a suggestion by the White House that its collapsed $44 billion acquisition of Dutch peer NXP Semiconductors could be revived, saying the deal had been terminated as the deadline had expired.
Oil prices soared by around 5 percent on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets and battered oil prices.
China has agreed to “reduce and remove” tariffs below the 40 percent level that Beijing is currently charging on U.S.-made vehicles, U.S. President Donald Trump said, as a trade war truce between the two countries gathers pace, cheering markets.
Asia’s economic prospects looked gloomy as factory activity and export orders weakened across the region in November, with analysts expecting no quick rebound amid simmering global trade frictions.
U.S. smartphone chip manufacturer Qualcomm Inc considers the prospect of an acquisition of NXP Semiconductors as closed, the company said on Monday.
Chinese state media gave a cautious welcome on Monday to the trade war truce agreed by China and the United States at the weekend, as Chinese shares, commodities and the yuan currency surged even as uncertainly remains about the deal.
U.S. President Donald Trump said on Sunday that China had agreed to “reduce and remove” tariffs on U.S. cars below the 40 percent level that Beijing is currently charging on American-made vehicles.
Oil prices surged on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
China and the United States agreed on Saturday to a truce in their trade war following talks between Chinese President Xi Jinping and U.S. President Donald Trump on the sidelines of the G20 summit in Argentina.
Oil prices surged on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
The trade war truce agreed by China and the United States at the weekend could help them resolve their differences amicably, but lasting improvements in relations will depend on U.S. “sincerity”, Chinese state media said on Monday.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
