Oil Rises as U.S.-China Work to Agree on Tariff Rollbacks
- Negotiations move closer to resolving long-running dispute
- Futures climbed as much as 2.7%, highest intraday in six-weeks
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Oil rose as China and the U.S. made progress in resolving the protracted trade dispute that’s undermined demand for fuels to run trains, trucks and airplanes in the world’s two largest economies.
Futures advanced 1.4% in New York on Thursday. Chinese and U.S. negotiators agreed to roll back tariffs in phases as they work toward a settlement. U.S. stocks hit records earlier in the day, adding to signs that the slump in global growth might have bottomed.