• Oil prices are buoyed by hopes for trade talks, but Chinese data is creating more pressure




    Oil prices rose today amid hopes that the United States and China could settle their trade disputes soon, although data from China boosted fears of an economic slowdown that could reduce demand for fuel.

    Brent crude futures were trading at $ 61.06 a barrel by 0755 GMT, up 22 cents to 0.4 percent above the previous close.

    US WTI crude futures were $ 53.86 a barrel, up seven cents from the previous settlement.


    Oil prices received support after US President Donald Trump said on Thursday that he would meet his Chinese counterpart Xi Jinping in an attempt to conclude a comprehensive trade agreement.

    But crude markets were under pressure from a survey conducted today, as it showed that the activity of Chinese factories shrank the most in nearly three years during January as orders fell, which is raising fears of a worsening slowdown in the world's second largest economy.

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