Oil prices jump as China agrees to more US energy purchases
Oil prices rose on Thursday, propelled higher by the long-anticipated signing of an initial trade deal between Washington and Beijing that sets the stage for a potentially huge increase in energy supplies from the United States to China.
Brent was 33 cents, or 0.5 per cent, higher at $64.33 a barrel by 0118 GMT, while US crude was up by 28 cents, or 0.5 per cent, at $58.09 a barrel.
Under the so-called Phase 1 deal to call a truce in a trade war between the world’s two biggest economies, China committed to buying over $50 billion more of US oil, liquefied natural gas and other energy products over two years.
