Oil Enters Bull Market As Shorts Are Wiped Out

Oil rises one per cent on US, China trade talk optimism

As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear if that would disrupt the proceedings. However, they appear to be at wide odds over contentious issues, including intellectual property protection.

By Thursday, however, the positive feelings ebbed because of a lack of a details on the talks despite a warm statement from China on the outcome, and financial markets took a breather from the rally.

The statement noted that China had pledged to buy a "substantial amount" of USA agricultural, manufacturing, energy and other products, but made clear that any deal would be "subject to ongoing verification and effective enforcement".

Facing a March deadline, talks aimed at ending a trade war between China and the US are underway, with the world's two biggest economies expressing optimism over the potential for progress but neither indicating its stance has changed. China aimed to buy at least 5 million tons of American soybeans as part of the truce.

US officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement.

The extended trade talks between China and the United States in Beijing ended on Wednesday with a member of the American delegation describing the negotiations as "fine", Trend reports referring to South China Morning Post.

Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods.

"I think China wants to get it resolved".

The two countries have until March 1 before USA tariffs on some $200bn in Chinese goods are set to rise to 25% from 10%.

It softened its stand by offering a mix of concessions by resuming purchases of USA soybeans, suspended punitive tariffs on imports of U.S. cars and toned down its "Made in China 2025" plan, which aimed at breaking the country's reliance on foreign technology and pull its hi-tech industries up to western levels.

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In December, top Trump administration officials had said the trade commitments amounted to $1.2 trillion, but did not specify the composition or time period. "We have firm confidence in the strong long-term fundamentals of the Chinese economy".

Liu, the chief economic adviser to Chinese President Xi Jinping, made brief remarks at the negotiations, a person familiar with the meeting said.

The talks, which were originally scheduled to wrap up on Tuesday stretched to the evening and into Wednesday.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, included representatives from the departments of energy, agriculture, treasury and commerce. The issues at play have soured the wider U.S.

A woman tries out a sweater at a US retailer GAP's flagship store in Beijing, Thursday, Jan. 10, 2019.

Meanwhile, U.S. bank Morgan Stanley cut its 2019 oil price forecasts by more than 10 percent on Wednesday, pointing to "weakening economic growth expectations" and rising oil supply from especially from the United States as reasons for their lower price forecast.

Some disagreements remain on structural issues and they need to be addressed when more senior negotiators meet later on, according to Chinese officials involved in the discussions who asked not to be identified.

"The China talks are going very well", he said.

The two governments have announced no details, but Asian stock markets rose on news of the decision to extend negotiations that originally were planned for two days.

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