Oil Hits 2-Month High as China Truce Signals Brighter Outlook
- IEA sees growing demand, Schlumberger predicts shale slowdown
- Futures off to best start of the year in New York since 2001
Pump Jacks extract crude oil from oil wells in Midland, Texas, U.S.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Oil prices climbed to a two-month high as China was said to offer a trillion-dollar buying spree to defuse trade tensions with the world’s biggest economy.
Futures climbed 3.3 percent in New York to cap the third straight weekly increase. Bloomberg News reported China proposed a six-year shopping binge for American goods, diminishing concerns about a brake on economic growth. Meanwhile, U.S. factory output expanded by the most in 10 months and the International Energy Agency forecast another year of growth in oil demand.