Oil rises one per cent on US, China trade talk optimism

Specialist Thomas McArdle left and trader Robert Charmak work on the floor of the New York Stock Exchange Wednesday Jan. 9 2019. Stocks are opening higher on Wall Street putting the market on track for a fourth gain in a row

"Data out of China, weak inflation and the consummation of China-U.S. talks without any major breakthroughs that we're aware of at this point led to some profit taking after the incredible run we had yesterday", said Phil Flynn, an analyst at Price Futures Group in Chicago. Shares fell in Taiwan but rose in Singapore, Indonesia and the Philippines. Also crucial will be the outcome of trade negotiations between the US and China - the world's two biggest economies. Minutes of the meeting, which were released a day earlier, showed the officials believed that the central bank could afford to be "patient" with rate hikes, given volatile stock markets, trade tensions and shaky global growth.

Following this week's midlevel discussions to resolve their trade concerns, the United States and China have agreed to move ahead with another round of negotiations at the end of January.

Asian markets were mostly higher on Friday as investors cheered a more restrained Federal Reserve and U.S.

"These risks seem more under control", said Kristina Hooper, chief global market strategist at Invesco in NY.

Both benchmarks rose by around 5% the previous day, capping off a week-long climb that marked oil's longest sustained rise since last summer.

"Sentiment is greatly improved, and trade talk optimism has helped boost risk-appetite across the week", said Jasper Lawler, head of research at London Capital Group in a note on Friday, although he added that at this stage "there is a lack of anything concrete between the U.S. and China".

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"The pessimism of market participants at the end of the year was excessive, and so we expected prices to rise", said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt.

Benchmark 10-year notes US10YT=RR were last down 3/32 in price to yield 2.7261 percent after earlier rising to 2.747 percent, the highest since December 28. Slowing inflation raises doubts about the health of the world's second largest economy.

U.S. West Texas Intermediate (WTI) crude also lost 1.7 per cent, or 88 cents, trading at $51.71 a barrel. The benchmark S&P 500 .SPX index is up by about 10 percent from 20-month lows hit around Christmas.

ENERGY: Oil prices fell back after hitting their highest levels in nearly a month. WTI increased by 0.56 dollar to settle at 48.52 dollars a barrel, while Brent crude increased by 0.27 dollar to close at 57.33 dollars a barrel.

The West Texas Intermediate for February delivery fell 1 US dollar to settle at 51.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery plunged 1.2 dollars to close at 60.48 dollars a barrel on the London ICE Futures Exchange. It gained 24 cents to $61.68 per barrel in London.

CURRENCIES: The dollar strengthened to 107.92 yen from 108.15 yen late Wednesday.

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