Sunday, May 22, 2022

Global Oil jumps 2% to $ 55.59 on US-China trade talks progress


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at
Crude oil gained the momentum on Friday by 2.2 percent on signs of shrinking global supplies and progress in trade talks between the Washington and Beijing.

The market was optimistic in regard to progress in this week’s trade talks between the U.S. and China, which can influence demand for energy from the world’s largest economies.

The U.S. and China has made progress for their trade negotiations, Chinese media reported on Friday, after Chinese President Xi Jinping met with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing.

U.S. benchmark West Texas Intermediate crude oil CLH9, +2.39% up by $1.18, or 2.2%, closed at $55.59 on the New York Mercantile Exchange (NYME).



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