FX.co ★ Oil approached November 2018 highs on trade optimism and data from China

The cost of oil is steadily rising to the highs of November 2018 on the wave of optimistic expectations of progress in the trade negotiations of the two largest world economies - the United States and China. On Thursday, Brent quotes rose to the level of $65.80 per barrel, quotes of North American WTI oil - to the level of $54.70 per barrel.

A new round of talks between the United States and China started today in Beijing. It is assumed that both countries will be able to reach an agreement on all trade issues within two weeks. Otherwise, on March 1, new reciprocal duties may come into force. However, the day before, US President Donald Trump noted that the date for the introduction of new tariffs could be delayed by 60 days if certain progress was noted in the negotiations.

Brent received additional support after the release of data from China: import data reflected a growth of 4.8% to 42.6 million tons (or 10.03 million barrels per day). Import growth has been recorded for the third consecutive month.