WASHINGTON (dpa-AFX) - Oil prices were moving higher on Friday after U.S. President Donald Trump imposed sanctions on $200 billion (€178 billion) worth of Chinese goods, but said a deal was still possible.
Benchmark Brent crude rose 0.6 percent to $70.80 a barrel, while WTI crude futures were up 0.7 percent at $62.12 a barrel.
Trump on Thursday said that he received a 'beautiful' letter from China's president and they would probably speak soon to reach a deal over trade.
The U.S. and China are returning to the negotiating table later today for a second day of talks, keeping hopes alive.
Meanwhile, the Chinese government issued a muted response to the U.S. tariff hike, though it vowed to retaliate.
The likely intensification of the U.S.-China trade war would be an additional headwind for financial markets.
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