Oil trades higher on hopes of US, China trade deal

By Jeff Davies

Oil futures traded higher on Tuesday on hopes the United States and China will reach a trade agreement as the two countries continued negotiations in Beijing.

China’s Foreign Ministry said on Monday that both sides are willing to work together towards a solution that works for both sides, while US Commerce Secretary Wilbur Ross added there is a “very good chance” the talks will end in a “reasonable settlement” that the US and China “can live with.”

The oil production cuts agreed by OPEC and other major producers, including Russia, also contributed to the increase in crude prices but the gains were somewhat offset by rising crude output in the US.

International benchmark Brent for March delivery added 0.54% to sell for $57.64 per barrel at 09:19 am GMT and West Texas Intermediate (WTI) for deliveries in February rose 0.68% to $48.85 per barrel at 09:20 am GMT.

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