Boost for oil as trade tensions simmer down

Markets pushed higher yesterday despite a number of global economic and political uncertainties, as the latest round of US tariffs on Chinese goods looked set to be delayed.

Traders were more bullish as it emerged certain sanctions in PresidentDonaldTrump’slatest shot in the trade dispute would be held back until December rather than a previously announced September date.

The FTSE 100 closed 24.18 points, or 0.33%, higher at 7,250.9.

The German Dax was also higher, climbing 0.6%, while the French Cac was up 0.99%.

Meanwhile the pound was mixed, with another set of strong jobs data balanced against fears around a no-deal Brexit.

Sterling fell 0.19% to 1.206 US dollars, but rose 0.18% on the euro to 1.079.

Meanwhile the simmering down of trade tensions also boosted oil prices.

Mr Madden said: “Oil was given a shot in the arm due to the tariff news, and dealers bought into the energy market in the belief that an easing of trade tensions should equate to a higher demand for oil, particularly in China, which is a major importer of the energy.”

A barrel of Brent Crude oil was trading 5.21% higher at $61.38.

The biggest risers on the FTSE100wereAngloAmerican up 46.6p to 1,864p, Antofagasta up 20p to 844.8p, Glencore up 5.3p to 236.15p and Mondi up 35p to 1,627p.

The biggest fallers were Auto Trader down 14p to 524p, Hargreaves Lansdown down 41p to 1,955p, Next down 118p to 5,848p and Marks & Spencer down 3.7p to 184.15p.