Money: Oil prices edge up on U.S.-China trade optimism, but demand concerns cap - - PressFrom - Canada
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Money Oil prices edge up on U.S.-China trade optimism, but demand concerns cap

06:30  22 october  2019
06:30  22 october  2019 Source:   reuters.com

Top-level U.S.-China trade talks resume as irritants sour atmosphere

  Top-level U.S.-China trade talks resume as irritants sour atmosphere Top-level U.S.-China trade talks resume as irritants sour atmosphereWASHINGTON (Reuters) - The United States' and China's top trade negotiators were set to meet on Thursday for the first time since late July to try to find a way out of a 15-month trade war as new irritants between the world's two largest economies threatened hopes for progress.

SEOUL (Reuters) - Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U . S .- China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand . Brent crude futures were at .10 a barrel by 0027 GMT

Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U . S .- China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand .

a crane is in the air: FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen© Reuters/AGUSTIN MARCARIAN FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen

SEOUL (Reuters) - Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S.-China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand.

Brent crude futures were at $59.10 a barrel by 0027 GMT, up 14 cents, or 0.2%, from their previous settlement. Brent settled down 0.8% at $58.96.

U.S. West Texas Intermediate (WTI) crude futures advanced 18 cents, or 0.3%, from their last close to $53.49 per barrel. In the previous session, WTI settled 0.9 lower at $53.31 a barrel.

Apple shares hit new record high amid trade optimism, removal of tracking app

  Apple shares hit new record high amid trade optimism, removal of tracking app Apple shares traded at an all-time high Friday after the tech giant removed a controversial app from its iPhone linked to the Hong Kong protests and traders bet that progress in U.S.-China trade talks could spur smartphone demand. Apple said the HKMap.live app, which tracked the movements of police and protesters during Hong Kong's months-long clashes, will not longer be available on its App Store after CEO Tim Cook said it could be used to "maliciously target" Hong Kong police.

Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U . S .- China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand .

Following China saying it would work with the U . S . to address the core concerns of each party, White House economic adviser Larry Kudlow expressed optimism about ongoing talks and said that tariffs scheduled for December could be withdrawn if talks continue to go well.

U.S. President Donald Trump on Monday said efforts to end a U.S. trade war with China were going well as negotiators from the two nations work to nail down a Phase 1 trade deal text for their leaders to sign next month when they meet at November's APEC summit.

"Commodity markets were cautiously optimistic amid signs that a trade deal was close to being signed by the United States and China," ANZ bank said in a note.

"Crude oil prices remained in the doldrums, with ongoing economic weakness weighing on sentiment," ANZ Bank added.

Brent is down about 22% from its April peak, while WTI is down around 20% from its peak reached in April.

Although there are some signs of easing tensions between the world's two largest economies, U.S. Commerce Secretary Wilbur Ross said on Monday that an initial trade deal doesn't need to be finalised next month, emphasizing the need to get the right deal.

That raises the risk of further prolonged negotiations and feed market anxiety about the prospects for a durable deal. Adding to tensions, China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the era of President Barack Obama, a document showed.

On the supply side, U.S. crude stockpiles were expected to have increased for the sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct.18, a preliminary Reuters poll showed on Monday.

(Reporting By Jane Chung)

Trump Says China Trade Deal Will Be Signed Somewhere in U.S. .
The “Phase One” trade deal with China, once completed, will be signed somewhere in the U.S., President Donald Trump told reporters on Sunday at the White House. Trump had previously suggested Iowa, the largest U.S. corn and hog producing state, as a natural setting for the trade agreement to be formalized.Commerce Secretary Wilbur Ross said Sunday in Bangkok that Alaska and Hawaii, as well as locations in China, were all possible locations for Trump and Chinese President Xi Jinping to sign the deal.

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