WASHINGTON (dpa-AFX) - Crude oil prices snapped back as Donald Trump eased fears of a trade war with China. The president was magnanamous toward China in a tweet that was cheered by global stock markets.
WTI light sweet crude oil was up $1.40 at $63.46 a barrel at last check.
'President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!,' Trump tweeted.
The trade tensions have overshadowed developments in the oil industry.
Saudi Arabia had its economic outlook affirmed by a major ratings agency.
'The stable outlook is based on our expectation that economic growth will accelerate moderately in 2018, supported by rising government investment,' S&P Global Ratings said Friday.
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