Oil rises after Trump assurance on China trade

Oil prices were little changed, hovering near their highest levels since early March after US President Donald Trump soothed jangled nerves over US-China trade.

Prices rose a day after Trump wrote in a tweet late Monday that the trade agreement was “fully intact.” Markets had been unsettled by surprise comments from White House trade adviser Peter Navarro who said the hard-won deal with China was “over.”

Bank of America (BofA) Global Research has lifted its oil price forecast for this year. It now expects Brent crude to average $43.70 a barrel in 2020, up from a previous estimate of $37.