Oil prices rebound; uncertainty on trade progress remains

Oil prices rebounded on Tuesday in Asia after falling in the previous session amid uncertainty over Sino-US trade progress.

US Crude Oil WTI Futures gained 0.3% to $57.08 by 12:40 AM ET (04:40 GMT). International Brent Oil Futures also rose 0.4% to $62.41.

Hopes of a possible trade deal has faded since US President Donald Trump said late last week that he has not agreed to rolling back the US tariffs sought by China.

Reports that said the US is willing to ease tariffs as part of a “phase one” agreement were incorrect, the president said.

Adding to uncertainty, Trump over the weekend said talks with China were moving along “very nicely”, but the US would only make a deal if it was the right deal for America.

Trump is scheduled to speak at the Economic Club of New York on Tuesday, where he is expected to provide some clarity on when phase one of the trade deal might be signed and what he’s willing to concede to make that happen.

Meanwhile, citing Oman’s energy minister, Reuters said the Organization of the Petroleum Exporting Countries and allies, a group known as <a href=’https://staging.theenergyyear.com/companies-institutions/opec/’>OPEC+, will probably extend a deal to limit crude supply but are unlikely to deepen their cuts.

Under the current deal, the OPEC+ agreed to cut output by 1.2 million bpd from January this year until March 2020.