Oil surges as ‘headway’ hopes for China trade war talks boost global stock markets
Global markets are basking in optimism on the outcome of US-China trade talks kicking off in Washington today, with the improved sentiment also boosting energy prices.
Brent crude approached its highest levels this year and sits just outside the $70 a barrel bracket as tighter supply continues to boost prices. Traders are also positive that the easing trade war concerns will improve China’s energy demand, similarly aiding prices.
That positivity has been boosted by strong data out of China and a belief that a resolution to the lengthy US-China trade war may be in sight. Asian stocks rallied to seven month highs following comments from White House economic adviser Larry Kudlow that the US hopes “to make more headway” in trade talks, Reuters reported.
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan rose to highs not seen since last August on improved sentiment and closed up 0.
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