China
Exemptions follow conciliatory statements from Washington amid rising fears of global recession
Brent is on track for a 2 percent weekly fall while WTI crude is set to decline 2.9 percent for the week
Bullion has surged over $700 this year, setting multiple record highs and reaching $3,500.05 on Tuesday
National non-oil exports (excluding re-exports) saw a rise of 0.7 percent, totaling SAR16.07 billion
Boeing shares rose 6.05 percent to $172.37 after the company reported a smaller-than-expected quarterly loss
The U.S. and China could be moving closer to trade talks, which gives oil prices some support
Trump expressed optimism that a trade deal with China could “substantially” reduce tariffs on Chinese goods
S&P 500 futures climbed 1.61 percent and Nasdaq futures gained 1.91 percent
U.S. crude oil inventories fell by about 4.6 million barrels last week, per API data
Prices declined as Trump eased Fed threats and optimism for a trade deal increased
The IMF lowered its U.S. growth estimate for this year to 1.8 percent and raised its U.S. inflation forecast
