Connect with us
Advertise With Us


Oil Prices Rise Amidst US-China Trade War



Stocks across Asia advanced yesterday as China’s efforts to stop sharp declines in its currency and capital flight gained wider sentiment in the region.

The escalating Sino-U.S. trade conflict capped gains.

Meanwhile, Brent crude futures rose to $73.62, while U.S. crude oil futures was 68.82 dollars a barrel.

Analyst rued blatant oil pricing manipulation.

Brent sweet crude oil was supposed to be at least $100.

Late on Friday, the People’s Bank of China raised the reserve requirement on some foreign exchange forward positions, making it more expensive to bet against the Chinese currency.The move helped pull the yuan away from 14-month lows.

It boosted the Australian dollar, which is often played as a liquid proxy for the yuan.

The Aussie came off two-week lows to climb as high as 0.7412 dollars after the announcement and was last at 0.7403 dollars.

On Monday, MSCI’s broadest index of Asia-Pacific shares outside Japan leapt 0.9 per cent – the biggest jump in a month and its second straight session of gains.

Japan’s Nikkei edged up 0.4 per cent, while Australian shares added 0.75 per cent.

Chinese shares were positive too, with the blue-chip share index up 0.5 per cent while Hong Kong’s Hang Seng index gained 1.3 per cent.

On Friday, the Dow climbed 0.54 per cent, the S&P 500 gained 0.46 per cent and the Nasdaq Composite added 0.12 per cent.

They were helped by strong corporate earnings, although gains were capped by worries over the escalating trade tensions.

The trade dispute remains a live issue for markets with China proposing tariffs on the 60-billion-dollars worth of U.S. goods on Friday.

Meanwhile, a senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the bitter trade conflict.

At the same time, U.S. President Donald Trump said his strategy of placing steep tariffs on Chinese imports was “working far better than anyone ever anticipated,’’ citing losses in China’s stock market.

He predicted the U.S. market could “go up dramatically’’ once trade deals were renegotiated.”



NEWS4 hours ago

Assent To Forensic Investigators Bill, Reps Task PMB

A member of the House of Representatives, Hon. Uzoma Nkem-Abonta has urged President Muhammadu Buhari to sign the Chartered Institute...

POLITICS4 hours ago

I Am Not Bitter Over My Brother’s Loss At Supreme Court, Says Adeleke

The President and founder of Adeleke University, Ede, Dr. Deji Adeleke has said that he was not embittered by the...

NEWS4 hours ago

Edojobs, Mainone Partner On Data Science, AI Training For 100 Edo Youths

The Edo State Skills Development Agency (EdoJobs) has partnered with MainOne, West Africa’s leading connectivity and data center provider, to...

Peoples Democratic Party PDP logo Peoples Democratic Party PDP logo
NEWS4 hours ago

PDP Raises Alarm Over Alleged Missing $1bn ECA Security Fund

***Demands Immediate Public Explanation From PMB The Peoples Democratic Party (PDP) has described as shocking the confession by the National...

NEWS4 hours ago

Rivers Govt Moves To Eliminate Sea Piracy

The Rivers State government has declared that it is taking necessary steps towards eliminating sea piracy and other terror attacks...

NEWS4 hours ago

World Bank Engages SMEs In Edo, Declares Support For Obaseki’s Blueprint

A Senior Economist with the World Bank, Gloria Joseph-Raji, has said the Bank is committed to supporting Governor Godwin Obaseki’s...

NEWS5 hours ago

Confab Report: GEJ Has No Moral Right To Canvass Implementation

A civil society group, Civil Society Legislative Advocacy Centre, CISLAC has taken a swipe on the former president, Good luck...



%d bloggers like this: