Oil prices rise over 2 percent on trade talk optimism


Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods.

Vice-Premier Liu He, China's top negotiator for the talks and President Xi Jinping's top economic adviser, is expected to lead a Chinese delegation to Washington for further talks later this month.

U.S. -China trade negotiations have concluded after being extended by a day, showing both the sides are serious, according to a Chinese foreign ministry spokesman.

These include more Chinese purchases of United States goods and services to reduce a yawning trade gap, increased access to China's markets, stronger protection of intellectual property and a reduction in Beijing's subsidies.

The mid-level talks were the first face-to-face meeting between the two sides since both presidents met on December 1. He had earlier warned that if a deal is not reached by March 1, the end of the 90-day grace period, the U.S. will increase the tariffs on the $200 billions of goods from 10 percent to 25 percent. China has retaliated with tariffs of its own. -China trade talks wrapped up in Beijing.

On Monday, Chinese importers made another large purchase of US soybeans, their third in the past month.

Oil prices rose by around 1 percent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy. That includes giving specific dates for making purchases, and making assurances that Beijing won't hinder US companies from gaining access to China's market. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. Apple Inc. cut its revenue outlook last week as sales of the iPhone were slower than expected in China, while data on factory activity and retail sales in the Asian nation were also weak.

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A private-sector source familiar with the talks said this could indicate that more detailed discussions were likely taking place.

Companies disappointed about failures or delays in Beijing carrying out commitments want an enforcement mechanism with "some kind of penalty for not doing what they promised", said Parker. Kim's train left Beijing on Wednesday around the same time the United States trade negotiators headed for the airport.

According to CNBC, the China Daily said in an editorial Beijing's stance remains firm that the dispute harms both countries and disrupts the worldwide trade order and supply chains.

China's foreign ministry confirmed the negotiations had ended in Beijing but declined to comment on the outcome, saying details would be released later.

Asked about the growing criticisms of OPEC coming from the White House, Mazrouei maintained that OPEC listens to what the USA has to say when it comes to oil prices and production but insisted that the cartel "always does the right thing".

The U.S. delegation includes under secretaries from the U.S. departments of agriculture, commerce, energy and treasury, as well as senior officials from the White House.