Oil prices higher on potential U.S.-North Korea meeting
Positive markets on the US-North Korean “thaw”. Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump.
Markets reacted quite positively to the announcement. The yen weakened against the dollar, coming in at a rate of almost 107, while the Tokyo Stock Exchange closed by about half a percentage point, after rising to 1.8%. Investors are satisfied by the news, which in fact eases tensions in Northeast Asia and pushes to focus on riskier assets like equity sector.
Crude oil futures rose today as Asian stock markets gained on news that North Korean leader Kim Jong-Un will meet with US President Donald Trump.
The two leaders will probably meet by May and “Kim has pledged to refrain from further nuclear or missile tests”, South Korea’s national security chief said late on Thursday after briefing White House officials on talks between Seoul and Pyongyang.
The White House said Trump would accept the invitation at a place and time to be determined.
After this news Brent crude futures were at $63.95 per barrel, up 34 cents, or 0.5 per cent, from their previous close.
US West Texas Intermediate (WTI) crude futures were at $60.39 a barrel, up 27 cents, or 0.45 per cent. WTI also fell by more than 2 per cent the previous session.
Oil prices responded positively to an announcement on Thursday that Trump accepted an invitation to meet with North Korea’s Kim Jong Un. “Geopolitical stability defiantly supports” demand for oil, said Naeem Aslam, chief market analyst with ThinkMarkets.
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