Oil firms as Saudi Arabia says it’s comfortable with higher price range
London — Oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria. Brent crude futures were up $1.03 a barrel to $79.09 a barrel at 9.23am GMT, after hitting $79.32. US West Texas Intermediate (WTI) crude was up 90c at $69.80 a barrel, after rising more than $1 to $69.95 a barrel. "Oil prices have gone up after Saudi Arabia said it was comfortable with Brent oil above $80 a barrel," Olivier Jakob of PetroMatrix consultancy said. However, the market is tempered by an escalation in the China-US trade war that has clouded the outlook for crude demand from the world’s top oil consumers. On Tuesday, China said it had no choice but to retaliate against new US trade measures after US President Donald Trump imposed 10% tariffs on about $200bn worth of Chinese imports. The tariffs are likely to limit economic activity in both China and the US, potentially hitting growth in demand for...
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