Oil rises after Trump, EU President pledge cuts to trade barriers

Asian stocks edged higher on yesterday, taking comfort from gains on Wall Street as Brent sweet crude rose to approximately 75 dollars.

Asian stock was up after United States President, Donald Trump and European Commission President, Jean-Claude Juncker agreed to work toward eliminating trade barriers on industrial goods.

U.S. crude was up 0.4 per cent at 69.54 dollars a barrel.

Brent crude was 0.9 per cent higher at 74.61 per barrel dollars.

Trump had on Wednesday said he and Juncker had agreed to work to lower industrial tariffs on both sides.

They also agreed to increase European imports of liquefied natural gas and soybeans from the United States among other measures.

The meeting helped to extend a rally in global stocks into its fourth day, as investors took heart from a rare piece of good news amid global concerns over trade.

Globally, markets also remain worried about the heated tariff dispute between the U.S. and China.

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