Oil prices rallied this morning during the Asian trading hours. This took place as worries about possible economic downfall decreased.
The U.S. reported higher than estimated U.S. retail sales figures. In fact, U.S. retail sales soared 0.7% in July versus the previous month.
Now, oil trades at $55.12, which is an addition of $0.44 or 0.80% from the previous close of $54.68.
The daily range is from $54.66 to 55.39, while the trading volume is 83.551K.
Still, however, there are concerns in regards to the trade war between China and the U.S., with some possible indication of conflict escalation.
Even, Beijing announced that it has to take some counter-actions to the latest U.S. tariffs on $300 billion of Chinese goods.