Opec’s Secretary General said on Wednesday a trade deal between the United States and China would boost the global economy and would help lift a “dark cloud” over the oil market.
Global equities mostly retreated on Tuesday after US President Donald Trump warned there was no deadline for doing a trade deal with China.
For the second week in a row the U.S has recorded high jobless claims, increasing the fears of economic damage. The fear has pushed investors towards Gold and the price has jumped over 1% on Thursday.
The US unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record.
World shares slipped on Friday as a leading index strained for a record high, with investor nerves from Asia to Europe gnawing away over how or when the United States and China can agree a truce in their damaging trade war.
Oil gained on Wednesday ahead of an expected extension to production curbs by Opec and its allies, with further support from industry data showing a larger
US officials announced a truce in the trade war with China with much fanfare, but economists and trade experts call it largely a victory for Beijing.
World stock markets rose on Monday, trading a notch below a record high hit last week on the back of a preliminary trade deal agreed between the United States and China.
The report was the latest indication of the headwinds to the American economy caused by the pandemic, which has slammed major industries, undermining economic growth, while causing about 26 million people to file new claims for jobless benefits since mid-March.