Oil Rises as Trump Announces ‘Full’ US Trade Deal With UK
Oil rose as Donald Trump said the US reached a trade agreement with the UK, the first of his promised deals with countries around the world.
Brent climbed near $62 a barrel after falling 1.7% in the previous session. The president described the deal as “full and comprehensive” on his social media platform, with the White House promising details later on Thursday.
The news comes ahead of trade talks between US and Chinese officials this week, though Trump said on Wednesday that he’s unwilling to preemptively lower tariffs on China to jump-start negotiations.
Crude has been on a recent downward trajectory due to concerns around the potential hit to global growth from Trump’s sweeping tariffs, as well as recent OPEC+ decisions to boost idled output. American shale producers are cutting spending in the Permian Basin following the slide in oil prices.
Source: Financeyahoo
