Oil Recovers Losses After Trump Says China Trade Deal Still On - Bloomberg

Oil Recovers Losses After Trump Says China Trade Deal Still On - Bloomberg:

Oil resumed gains, clinging to a three-month high as signs of improving demand buoyed a market momentarily roiled by confusion over U.S.-China trade.

Futures in New York rose 0.4% after President Donald Trump said the deal with Beijing was “fully intact” following remarks from a trade adviser that were interpreted as an end to the agreement. After earlier dropping 2.4%, crude is now back above $40 a barrel, bolstered in recent days by a lifting of lockdown restrictions in some U.S. states, while physical crude prices have also climbed.

Oil has rebounded since plunging below zero in April and is now trading at levels last seen before Russia and Saudi Arabia engaged in a damaging, though short-lived, price war. The kingdom’s Energy Minister Prince Abdulaziz bin Salman said last week that OPEC+ is on course to rebalance the market, and some of the world’s largest traders are seeing a rapid recovery in demand.