Oil prices rise on optimistic US-China trade talks
US crude oil climbs above $50 a barrel for the first time in 2019, despite its surging output, with prices also propped up by Opec-led supply cuts
London — Oil prices rose 2% on Wednesday as the extension of US-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff. US West Texas Intermediate (WTI) crude oil futures were at $50.82 a barrel at 9.45am GMT, up $1.04, or 2.09%, the first time this year that WTI has topped $50. International Brent crude futures were up $1.09, or 1.86%, at $59.81 a barrel. Both crude price benchmarks added to Tuesday’s 2% gains and have now been on the rise for eight straight days — their longest rally since June 2017. “After a dreadful December for risk markets, crude oil continues to catch a positive vibe,” said Stephen Innes at futures brokerage Oanda in Singapore, citing tensions between the superpowers that have cast a pall over the world economy. The trade talks in Beijing were carried over into an unscheduled third day on Wednesday, amid signs of progress on issues including purchases of US farm and energy commodities and increased US acc...
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