Oil basks in optimism around US-China talks
Brent extends gains from the previous session on signs that Washington and Beijing may soon resolve their trade dispute
Singapore — Oil prices rose more than 1% on Wednesday, extending gains from the previous session on signs that Washington and Beijing may soon resolve a trade dispute that has cast a pall over the global economy. US West Texas Intermediate (WTI) crude oil futures were at $50.53 a barrel at 4.59am, up 75c, or 1.5%, from their last settlement. That marked the first time this year that WTI has topped $50 a barrel. International Brent crude futures were up 79c, or 1.3%, at $59.47 a barrel. Both crude price benchmarks had already gained more than 2% in the previous session. “Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fuelling optimism around successful trade talks between the US and China,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. “After a dreadful December for risk markets, crude oil continues to catch a positive vibe,” Innes said. The oil price jumps were in line with Asian stock ma...
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