Crude Edges Higher as Concerns Over Global Trade Frictions Ease - Bloomberg

Crude Edges Higher as Concerns Over Global Trade Frictions Ease - Bloomberg:

Crude rose for a third day as worries that a U.S.-China trade spat will dampen demand eased.

Futures in New York added 0.8 percent on Monday as equities also climbed amid signals that an ongoing exchange of tariff threats between the world’s two largest fuel consumers might be wearing down. At the same time, the supply outlook was clouded by North Sea strikes and forecasts of declining crude stockpiles in the U.S. A weaker dollar also helped propel crude higher.

“You’re seeing real strength in other markets as well on hopes that there could be resolution with this U.S.-China trade situation. That would help demand in our neck of the woods here for crude,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. At the same time, “dollar weakness is having an effect.”