Economics

Oil Jumps After Trump Leans Against Further Chinese Sanctions

WTI crude futures advanced to highest level in four months
Trump indicated he doesn’t want to escalate Beijing tensions

Idle Rigs As Oil Set For Loss On U.S. Virus Fears — Photographer: Jason Alden/Bloomberg

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By Hailey Waller

July 14, 2020 at 10:35 PM UTC

Updated on

July 15, 2020 at 6:50 PM UTC

This article is for subscribers only.

Oil jumped to a four-month high after U.S. President Donald Trump indicated that he doesn’t want to add more sanctions against Chinese officials for now in a move to diffuse tensions with Beijing.

Crude futures in New York rose 2.3% Wednesday. The decision to refrain from further restrictions added positive momentum to a market already supported by a U.S. government report showing that crude stockpiles contracted by the most this year.