Investing.com - Oil prices rose on Friday as the highly anticipated U.S.-China trade talks ended with little progress made, while the two countries began imposing tariffs on $16 billion worth of goods to each other.
Brent Oil Futures for October delivery went up 0.4% to $75.03 at 12:17PM ET (04:17 GMT), while Crude Oil WTI Futures for October delivery also rose 0.52% to $68.18.
The two-day trade talks between China and the U.S. ended on Thursday with no major breakthroughs.
"We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship," White House spokeswoman Lindsay Walters said in a brief statement. No further talks between the two sides had been scheduled, Bloomberg reported citing a person familiar with the discussions. The person added that it is likely no further negotiation would happen until after November’s mid-term elections in the U.S.
Meanwhile, Washington and Beijing slapped 25% tariffs on $US16 billion ($22 billion) worth of each country's goods.
“Investors are likely to feel nervous as the two countries vow to step up the pressure,” ANZ bank said.
Elsewhere, the upcoming U.S. crude sanctions against the world’s fifth largest oil exporter, Iran, continued to weigh on the oil market.
Data this week that showed a larger-than-expected fall of crude inventories was cited as supporting the crude prices.
“One of the signs of a bullish market, in our view, is that prices prove resilient to highly bearish data, and can surge on moderate improvements. The oil market currently fits that description; prices recovered from last week’s extremely bearish data, and have risen on more encouraging signs this week,” said Standard Chartered (LON:STAN) in a note.