Oil price rises after US-China talks to reduce conflict

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West Texas Intermediate crude oil prices rose last night (Sept. 10) following talks between the presidents of the United States and China.

WTI crude futures rose 2.3%, or $1.58, to close at $69.72 a barrel.

Brent crude futures rose 2.1%, or $1.47, to close at $72.92 a barrel.

Thursday’s phone call between President Biden and Chinese leader Xi Jinping fueled hopes for an early easing in the two countries’ trade dispute. The two countries have already been at odds since the era of President Trump.

With the hope of an improvement soon, the focus switches back to the supply bottlenecks. China has been able to ease the situation since releasing its oil reserves.

In addition, oil companies in the Gulf of Mexico are slow to recover from the damage caused by Hurricane Ida. About 66.36% of oil production and about 75.55% of natural gas were affected. As the amount of oil on the market decreased by 17.5 million barrels, oil prices increased.

The Spot Market is closed

Saturday, September 11, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,786.80
1,787.80
-7.40
-0.41%
1,786.80
1,804.70
Silver
04.00
23.68
23.78
-0.32
-1.35%
23.68
24.36
Platinum
04.00
952.00
962.00
-18.00
-1.86%
947.00
990.00
Palladium
04.00
2,070.00
2,220.00
-38.00
-1.80%
2,060.00
2,308.00
Rhodium
04.00
14,000.00
16,000.00
-450.00
-3.11%
14,000.00
16,450.00
Energy
Updated at

Price

Chance

%Chance
Crude oil
13.45

69.71

+1.57

2.30%

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