Crude oil futures saw some resistance after the massive gains on Wednesday. The commodity soared after Saudi Energy Minister reaffirms that the kingdom's oil production and exports will fall in coming months. However, selling pressure in global equities today hurt the oil prices after the WTI crude soared near a three week of of 52.80 per barrel. The counter currently trades at $52.50 per barrel, down 0.17% on the day. MCX Crude oil futures ended flat at Rs 3680 per barrel.
The Chinese Ministry of Commerce (MOFCOM) said in a statement on Thursday that the US and China had broad and detailed discussion on trade and structural issues of shared concern. The talks have strengthened mutual understanding and laid the foundation for addressing both sides' concerns, adding that the two countries also agreed to keep close contact.
The MOFCOM's brief statement followed one from the Office of the US Trade Representative (USTR), which also listed several issues discussed at the trade talks; the first face-to-face meeting after the leaders of the two countries announced a truce in December. However, both these statements failed to offer much support to the global equities and stocks slipped in Asia as well as Europe.
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