Possibility of stimulus for big economies helps oil prices higher

An oil tanker is loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in this May 21 2018 file photo. Picture: REUTERS/AHMED JADALLAH

The US said it would extend a reprieve that permits China's Huawei Technologies to buy components from US companies, signalling a slight softening of the trade conflict between the world's two largest economies.Fears of a full blown-out trade war between the world's two largest economies have weighed on sentiment in recent months.

China's new lending reference rate was set slightly lower on Tuesday after the central bank announced interest rate reforms designed to reduce corporate borrowing costs, while Germany's right-left coalition government said it would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession.

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