Oil Climbs as Huawei Delay Offers Latest Sign of Trade War Truce - Bloomberg

Oil Climbs as Huawei Delay Offers Latest Sign of Trade War Truce - Bloomberg:

Oil climbed as the U.S. delayed sanctions against Huawei Technologies Co., offering a hint of progress in its trade war with China, and a drone attack in Saudi Arabia highlighted simmering Middle East tensions.

Futures in New York jumped as much as 2.3% to top $56 a barrel in a volatile trading session. The U.S. will extend exemptions for customers of the Chinese telecom giant for another 90 days, Commerce Secretary Wilbur Ross said on Monday. The move comes a week after President Donald Trump delayed new tariffs on consumer goods until mid-December.

Meanwhile, the drone strike by Yemeni rebels on the Shaybah field in Saudi Arabia, the generator of about 1 million barrels a day, was a reminder of the continuing threats in the heart of global crude production. The attack sparked only a small fire and no disruption to output, Saudi Arabian Oil Co. said in a statement.