March 7, 2021

Texas crude rises 2.46% after the commercial melting of the US. and China

The price of Texas oil (WTI) for delivery in August opened Monday with an increase of 2.46% ($ 1.44) and 09.05 local time (13.05 GMT) a barrel quoted at $ 59.91 on the stock market Mercantile of New York, after the thaw in the commercial relations between the United States. and China.

The price of Texan crude is approaching $ 60 a barrel, mainly because OPEC and its allies seem on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.

In any case and after the crisis of the Strait of Hormuz between the USA. and Iran – still to see how it evolves -, investors have received well what seems to be an approach, produced last weekend, in the commercial relations between Washington and Beijing, which can encourage growth.

Last Saturday, the US president, Donald Trump, and his Chinese counterpart, Xi Jinping, agreed to a new truce in their trade war, for which Washington stopped the imposition of new tariffs on China and agreed to allow US companies sell products to Huawei technology.

During a meeting of more than an hour in the Japanese city of Osaka, where both participated in the summit of the G20, Trump and Xi agreed to resume trade negotiations and parked the US threat to extend their tariffs to all Chinese imports.

"We are going to work with China from where we were staying, to see if we can reach an agreement," Trump said at a press conference after the summit in Osaka.

Trump had threatened to impose tariffs of between 10 or 25% to about 325,000 million dollars in Chinese imports, which had alarmed international markets and numerous US companies, which feared price increases in some of the products preferred by the consumers.

The agreement with Xi implies that those levies are off the table for now, but the US it maintains its tariffs on Chinese products worth 250,000 million dollars, and China keeps its liens on US imports for 110,000 million dollars.

(tagsToTranslate) Texas (t) thaw (t) commercial (t) USA (t) China

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