The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Oil prices climbed to a two-month high as China was said to offer a trillion-dollar buying spree to defuse trade tensions with the world’s biggest economy.
Futures climbed 3.3 percent in New York to cap the third straight weekly increase. Bloomberg News reported China proposed a six-year shopping binge for American goods, diminishing concerns about a brake on economic growth. Meanwhile, US factory output expanded by the most in 10 months and the International Energy Agency forecast another year of growth in oil demand.
Signs of progress on trade “have greased the wheels in commerce globally,†Bob Iaccino, chief market strategist at Chicago-based Path Trading Partners, said in an interview. “The perception of diminished demand which was turning up in the economic numbers is turning around, and that’s going to bring the speculators back.â€
After ending 2018 in freefall, oil is off to its best start for a year since 2001, gaining 18 percent since the start of January as worries about a global oversupply fade.