Oil Prices Leap as China Is Said to Seek End of Trade Dispute - Bloomberg

Oil Prices Leap as China Is Said to Seek End of Trade Dispute - Bloomberg:

Oil prices spiked to a six-week high after China was said to offer a ramp-up of imports from the U.S. to settle a trade dispute between the world’s biggest economies.

Futures rose as much as 3.5 percent in New York on Friday after Bloomberg News reported China has proposed a six-year buying spree of American goods. The offer to boost purchases by $1 trillion eased concerns that the dispute will lead to a prolonged slump in energy demand.

Signs of progress on trade “have greased the wheels in commerce globally," Bob Iaccino, chief market strategist at Chicago-based Path Trading Partners, said in an interview. “The perception of diminished demand which was turning up in the economic numbers is turning around, and that’s going to bring the speculators back."