Senior officials from the U.S. Presidential Administration Donald Trump signaled on Monday that they do not intend to economically punish China
Oil quotes continued to rise in Asia on Tuesday
Prices were supported by hopes for a recovery in demand as quarantine restrictions around the world eased. In addition, gasoline supplies have been growing for 3 weeks, signalling a recovery in fuel demand.
At 03.04 GMT, oil futures on NYMEX traded at $21.87 per barrel, up 7.21%. Futures on Brent rose in price by 4.80% to 28.46 dollars.
"There is no storage space left for oil, so its supply is likely to match demand in the next few weeks," says Edward Moya of Oanda. "Optimism associated with a possible oil shortage by June is likely to provide some support to prices.
Quarantine costs Australia A$4 billion a week.
Every week a country spends in isolation costs the Australian economy A$4 billion. This was announced on Tuesday by Finance Minister Josh Freudenberg. On Friday in Canberra will be held a meeting of the Federal Cabinet of Ministers on the weakening of quarantine measures. Australia is struggling quite successfully with the spread of coronavirus, and the country has recorded fewer than 100 deaths. Many regions of Australia had not been infected with new coronavirus for some time.
Senior officials from US President Donald Trump's administration signaled on Monday that they do not intend to economically punish China.
If Beijing meets its obligations under the trade agreement concluded earlier this year. Such signals came at a time when the U.S. is accusing China of misbehaving in a coronavirus outbreak.
Statements by Deputy National Security Adviser Matthew Pottinger and Treasury Secretary Stephen Mnuchin came as Washington and Beijing exchanged sharp signals in recent days. In particular, last week Trump threatened to impose additional duties on Chinese goods as punishment for the pandemic.
Chinese officials criticized the Trump administration's statements, highlighting Secretary of State Mike Pompeo, who on Sunday said there was "a huge amount of evidence" linking the pandemic to the Institute of Virology in Wuhan.
On Monday, China's state news agency Xinhua accused Pompeo of spreading "absurdity" and lies, while a central TV announcer called the secretary of state "exuding poison.
"The US is not considering punitive measures in this regard," Pottinger said Monday.
Trump said he intends to implement the Phase I trade agreement signed with China in January and will "monitor China's compliance with the terms of the deal very closely".
Mnuchin, who was one of the key negotiators of the trade agreement, said in an interview with Fox Business News on Monday that he "has every reason to believe that they are fulfilling the agreement. If China does not implement the agreement, it faces "very significant consequences," Mnuchin said.