Oil Rebound Fizzles as Treasury Denies U.S. Easing China Tariffs - Bloomberg

Oil Rebound Fizzles as Treasury Denies U.S. Easing China Tariffs - Bloomberg:

Oil’s after-market rebound waned Thursday after the U.S. Treasury Department disputed a report that the Trump administration might ease trade tariffs against China.

Futures in New York climbed as much as 0.5 percent, erasing what had been a losing session, before slipping again. The turnaround came after the Wall Street Journal said Treasury Secretary Steven Mnuchin is a proponent of rolling back the penalties, citing unnamed sources. The Treasury Department denied the report.

“Oil has had a good run" this year, thanks to rising optimism about a trade deal, said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA. “Concerns have eased as a result of the U.S. and China sitting down together."