Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand, Trend reports citing Reutrers.
Brent crude LCOc1 settled 29 cents, or 0.5%, higher at $60.03 a barrel, while U.S. crude CLc1 rose 13 cents to $56.34 a barrel. U.S. crude turned lower in post-settlement trade after U.S. President Donald Trump said he was not ready to make a trade deal with China.
The United States said it would extend a reprieve that permits China’s Huawei Technologies [HWT.UL] to buy components from U.S. companies, signaling a slight softening of the trade conflict between the world’s two largest economies.