Investing.com – Crude oil prices continued to rise on Friday, as trade talks between the U.S. and China ended with no major breakthrough.
West Texas rose 0.87% to $68.42 a barrel as of 4:39 AM ET (8:39 GMT). Meanwhile futures, the benchmark for oil prices outside the U.S., increased 0.74% to $75.28.
The U.S. and China moved ahead with 25% tariffs on $16 billion worth of goods, as trade talks between the two ended with no agreement. The two biggest economies in the world have been in a tit-for-tat trade war for months.
“We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship,” White House spokeswoman Lindsay Walters said in a brief statement.
Oil prices have been driven higher in the past few months as demand for oil outsrips supply and upcoming U.S. sanctions against Iran have also supported prices. The financial sanctions against Iran were introduced this month by the U.S. government and will target the petroleum sector of Iran in November.
Investors are also looking ahead to the weekly from Baker Hughes services firm this afternoon, which is a leading indicator of demand for oil products.
In other energy trading, rose 0.41% at $2.0713 a gallon, while was up 0.82% to $2.1933 a gallon. inched up 0.34% to $2.974 per million British thermal units.
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Source: Investing.com
