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Oil hits $70 a barrel as China offers soothing words on trade

President Xi Jinping on Tuesday promised to open China's economy further and lower import tariffs

Amanda Cooper | Reuters  |  London 

Oil hit $70 a barrel on Tuesday, in its biggest two-day rally in nearly a month, as investors grew more confident that a brewing trade dispute between the United States and China may be resolved without causing harm to the global economy. Brent crude futures were last up $1.35 at $70.00 a barrel by 1418 GMT, while West Texas Intermediate crude futures rose $1.30 to $64.72 a barrel. President Xi Jinping on Tuesday promised to open China’s economy further and lower import tariffs, striking a conciliatory tone on the trade tensions between China and the United ...

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First Published: Wed, April 11 2018. 02:26 IST
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