Oil rises as Trump says China wants to restart trade talks

Bloomberg

Oil jumped after US President Donald Trump said that China wanted to restart trade talks, potentially easing tensions
between the two countries.
Futures in New York rose as much as 1.5 percent, snapping the longest run of declines in more than five weeks. Trump’s comments reversed a drop of as much as 2.2 percent that had looked set to continue the streak of losses for a fifth day. Trump’s words cooled concern that China’s plan to halt purchases of American crude and threats of tougher US levies would worsen an already shaky global demand outlook.
“China called last night our trade people and said let’s get back to the table,” Trump said at the Group of 7 meeting in Biarritz, France. “We’re going to start very shortly and negotiate and see what happens but I think we’re going to make a deal.”
West Texas Intermediate crude for October delivery rose 75 cents, or as much as 1.4 percent, to $54.92 a barrel on the New York Mercantile Exchange in New York. WTI reversed declines of as much as $1.21 earlier.
Brent for October rose 55 cents to $59.89 a barrel on the ICE Futures Europe Exchange. Brent traded at a
premium of $4.96 to WTI.
“The hot and cold approach to negotiations continues and is creating a great deal of confusion,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen.