Oil Jumps on US-China G20 Meeting News

Oil prices rose about $2 a barrel on Tuesday after U.S. President Donald Trump said he would hold an extensive meeting with Chinese President Xi Jinping at the G20 summit later this month.


Brent crude graph

Tensions in the Middle East after last week’s tanker attacks, with the U.S. planning to send more troops to the Middle East, also lent support.

U.S. West Texas Intermediate crude futures rose $2.26, or 4.4%, to $54.19 a barrel by 11:11 a.m. EDT (1511 GMT). Brent crude futures rose $1.80, or 3%, to $62.74 a barrel.

“Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting,” Trump tweeted.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza