Oil Hits 9-Week High as China Extends Olive Branch to the U.S.
- Global energy demand hangs in balance of U.S.-China dispute
- Technical levels crossed, fueling bullish momentum: Melek
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Oil climbed to a nine-week high as China signaled a renewed desire to settle the trade war with the U.S. that has disrupted global energy demand.
Futures rose 2.8% in New York on Thursday. Chinese Vice Premier Liu He invited U.S. President Donald Trump’s top trade negotiator to discuss the long-running dispute. In a Beijing speech, Liu also disclosed domestic economic reforms that touch on some of Trump’s key demand, according to people who attended the event and asked not to be identified.