Oil prices climb as China confirms a deal on the text of a phase one trade deal with the U.S.

Dec 13 17:12 2019 Print This Article

Oil futures climbed on Friday, with U.S. prices touching their highest levels since mid-September, after China said it has reached an agreement on the text of a phase one trade agreement with the United States.

The lack of a trade agreement had been a major headwind to crude demand, but oil prices got a boost Thursday when President Donald Trump tweeted that the U.S. was “getting VERY close to a BIG DEAL with China.”

Some reports then emerged saying that Trump approved a phase-one trade deal with China, possibly averting new tariffs on some $160 billion in consumer goods that were set to take effect Sunday, and bolstering hope that the harm done to global economic growth may fade.

China confirmed Friday that it reached a deal on the text of a phase one pact, according to a translation reported by CNBC. The agreement hasn’t been signed.

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