Oil rises one per cent on US, China trade talk optimism

Oil rises one per cent on US, China trade talk optimism

Global markets were mixed Friday as investors cheered the Federal Reserve's more restrained stance and opted to view this week's U.S. Hong Kong's Hang Seng shed 0.3 percent to 26,394.06, while the Shanghai Composite index was flat at 2,545.05. -China trade talks in a positive light.

Delegations from China and the US ended talks in Beijing on Wednesday amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets. -China trade war has turned the economic outlook brighter, adding to oil's momentum.

Oil prices were also supported by comments from U.S. Federal Reserve Chairman Jerome Powell on Thursday that the central bank had the ability to be patient on monetary policy.

Oil prices continued to rise during the week ending January 11, with the price of West Texas Intermediate (WTI) for February delivery increasing by 7.6 percent and Brent crude for March delivery increasing by 6.0 percent.

A range of Fed policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their December 18-19 policy meeting showed.

With big USA banks kicking off the fourth-quarter reporting season next week, investors will comb through earnings reports and projections for signs of a slowdown in economic growth.

American benchmark West Texas Intermediate (WTI) was at $50.37 a barrel at the same time, seeing a 0.8 percent daily gain, after ending the previous session at $49.99 per barrel. The talks come after President Donald Trump and Chinese leader Xi Jinping met and agreed to hold off on more tariffs for 90 days, on the sidelines of the G-20 summit in Argentina last month.

‘Uri’ Box Office: Vicky Kaushal-Starrer Earns Rs 20 Crore
The film collected Rs 3.5 crore on the day of its release, taking its collection so far to around Rs 7 crore. The film hit the theatres yesterday as it was scheduled to be released on 11th January 2019, Friday.

Trump, a Republican, has accused China of cheating the United States on trade and stealing US intellectual property, though he often has said he has a good personal rapport with Xi. "The return of risk appetite, in turn, has pressured the US dollar lower", DBS Group Research strategists Philip Wee and Eugene Leow said in a commentary. The contract has surged by 23.7 percent since December 24.

ENERGY: Oil prices fell back after hitting their highest levels in nearly a month.

Bond prices slipped. The yield on the 10-year Treasury note rose to 2.74 percent from 2.72 percent. It added another 23 cents to $52.59 per barrel on Thursday. Brent crude, used to price worldwide oils, gave up 54 cents to $60.90 per barrel.

MSCI's all-country index.MIWD00000PUS climbed 1.14 percent for a fourth day of gains.

The dollar rose to 108.42 yen from 108.28 yen and the euro fell to $1.1500 from $1.1544.

Fears that Nigeria's 2019 budget may suffer huge revenue short fall may be abetted as the prices of crude oil in the worldwide market rebounded on Wednesday, selling at the $60 per barrel benchmark set for the budget by the Federal Government.

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