Oil prices gained on Monday in Asian following a volatile week as traders digested the latest development on the Sino-Us talks.
U.S Crude Oil WTI futures rose 1.0% ti $55.33 per barrel. International Brent Oil Futures climbed 1.1% to $59.27 per barrel.
Oil markets swung between gains and losses last week as a delay on tariffs on some Chinese goods sent crude prices higher but concerns of a recession and a surge in crude stockpiles put pressure on the markets.
U.S. President Donald Trump reiterated on the weekend that he is not ready to make a trade deal with China, hinting that he wants to see Beijing deal with the ongoing protests in Hong Kong first.
“I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said. “I think it would be very good for the trade deal.”
He also added that he will make a decision in regards to the extension of the licence that will allow Chinese tech giant Huawei to continue doing business with U.S companies later today.
These news came after some conflicting trade war signals last week. China’s finance ministry said on Thursday it has to take necessary counter-measures to the least U.S tariffs on $300 billion of Chinese imports.
