Nerves soothed as White House affirms agreement remains fully intact
Singapore/Tokyo — Oil prices were volatile on Tuesday after markets were spooked by surprise comments from White House trade adviser Peter Navarro saying a hard-won US-China trade deal was “over”, though he later said his comments had been taken out of context.
US-China relations have reached their lowest point in years since the coronavirus pandemic that began in China hit the US hard. Trump and his administration repeatedly have accused Beijing of not being transparent about the outbreak. “These comments from Navarro came out of nowhere,” said Edward Moya, senior market analyst at brokerage Oanda. “Energy traders are likely to remain sceptical of the relationship between the US and China if the Chinese fail to quickly make up for the shortfall with their promises of agricultural goods purchases.”
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