Economy
Oil Recovers Losses After Trump Says China Trade Deal Still On
(Bloomberg) — Oil pared losses after falling from a three-month high as a White House official said the U.S.-China trade deal was in place, clarifying his earlier remarks that sowed confusion about whether the agreement was over.
Futures in New York initially dropped as much 2.4% as oil was swept up in a broader market rout after Trade Adviser Peter Navarro said “it’s over,” when asked in a Fox News interview about the trade agreement with China. Prices recovered after he clarified that the remarks were about trust, rather than the trade deal, with President Donald Trump following up with a tweet that said the deal was “fully intact.”
The relationship between the U.S. and China had been on shaky ground, even after they agreed on their phase-one trade deal. In the latest developments, the U.S. imposed constraints on four more Chinese media companies, while the Asian nation blocked poultry imports from a Tyson Foods Inc. plant where hundreds of people tested positive for the virus.
“Trump would be very reluctant to officially walk away from the deal in an election year, given the potential impact it would have on markets,” said Warren Patterson, head of commodities strategy at ING Bank NV. “Attention in the oil market will turn back quickly to efforts from OPEC+ to re-balance the market” after the clarification that the trade deal was still fully intact, he said.
Oil has rallied since plunging below zero in April and is now trading at levels last seen before Russia and Saudi Arabia engaged in a damaging, although short-lived, price war. The kingdom’s Energy Minister Prince Abdulaziz bin Salman said last week that OPEC+ is on track to rebalance the market, and some of the world’s largest traders are seeing a rapid recovery in demand.
-
Banking & Finance1 month agoOman Oil Marketing Company Concludes Its Annual Health, Safety, Environment, and Quality Week, Reaffirming People and Safety as a Top Priority
-
News2 months agoReport: How India & The Middle East Are Exploiting Immense Economic Synergies
-
Uncategorized2 months agoOman’s ISWK Cambridge Learners Achieve ‘Top in the World’ and National Honours in June 2025 Cambridge Series
-
News1 month agoJamal Ahmed Al Harthy Honoured as ‘Pioneer in Youth Empowerment through Education and Sport’ at CSR Summit & Awards 2025
-
Economy2 months agoPrime Minister of India Narendra Modi to Visit the Sultanate of Oman on 17-18 December
-
News2 months agoIHE Launches Eicher Pro League of Trucks & Buses in Oman
-
Economy2 months agoOman’s Net Wealth Reaches $300 Billion in 2024, Poised for Steady Growth
-
News2 months agoLiva Insurance Honored with ‘Insurer of the Year’ Award for 2025
