Oil prices rose more than 1% on Tuesday as traders betting on falling prices bou...
SINGAPORE - Oil prices rose more than 1% on Tuesday as traders betting on falling prices bought back contracts to lock in profits after declines over the last three sessions due to the escalating trade tensions between China and United States.
The United States also responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day. The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest in more than a decade. The weaker yuan would support Chinese exports by making them cheaper, but it would also raise oil-import costs for the world’s biggest importer.
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