Prices dropped last night after Peter Navarro told Fox News in an interview that the trade deal with China was ‘over’, linking the breakdown in part to Beijing not sounding the alarm earlier about the outbreak of the Coronavirus.
These worries were calmed by assurances from the President and White House that the agreement was still on, so situation normal.
Prices this morning have hit a two-week high, as the market pushed over the $43 mark.
Part of this has been cause by Russia, one of the world’s largest producers, in curbing its exports to multi-year lows, helping boost demand for other European grades.