Oil Prices Gain; Sino-U.S. Trade War in Focus

Investing.com - Oil prices gained on Monday in Asia following a volatile week as traders digested the latest development on the Sino-U.S. trade front.

U.S. Crude Oil WTI Futures rose 1.0% to $55.33. International Brent Oil Futures climbed 1.1% to $59.27.

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.”

The president added that he will make a decision on whether to extend a license that would allow Chinese tech giant Huawei to continue doing business with U.S. companies later today.

The news came following some conflicting trade war signals last week. China’s finance ministry said on Thursday it has to take necessary counter-measures to the latest U.S. tariffs on $300 billion of Chinese imports, but the Xi Jinping administration was saying it hoped to meet Washington halfway on the trade dispute.

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