Oil prices slightly rose on Monday, August 26, as U.S. President Donald Trump hinted at the resumption of trade negotiations with China.
According to OilPrice.com, the price of WTI Crude was up 1.51% at $54.99 per barrel, while Brent was up 1% and trading at $59.40.
Oil markets went up as Trump revealed on Twitter that Chinese officials have contacted U.S. authorities seeking a “calm resolution” to the trade war.
According to Reuters, China's Vice Premier Liu He said that Beijing was willing to peacefully settle the dispute with the U.S.
The new turn in the trade war between the U.S. and China happened in early August, when Trump added a 10% tariff on a new set of Chinese goods. Last week, China responded with its own tariffs on $75 billion of U.S. goods, including crude oil, agricultural products, and aircraft.
Following the introduction of new tariffs, Trump advised American companies to "start looking for alternatives" to manufacturing in China.