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Oil prices edge up on hopes for U.S.-China trade breakthrough

The Address | Benghazi – Libya

SYDNEY – Oil prices inched up on Thursday, buoyed by hopes that potential progress in the latest Sino-U.S. tariff talks would improve the global economic outlook.

U.S. West Texas Intermediate (WTI) crude futures were at $53.76 per barrel at 2338 GMT, up 10 cents, or 0.2 percent, from their last settlement. They closed up 1.5 percent on Wednesday, having touched their highest since Feb. 5 at $54.60 a barrel.

International Brent crude oil futures had yet to trade. They closed the previous session up 1.9 percent, after marking their strongest since Nov. 21 at $63.98 a barrel.

Optimism that a trade deal could be reached between the United States and China was boosted when U.S. President Donald Trump said talks were going “very well”.

“The 90-day truce (on trade) agreed in December will run out on March 1, but given the progress of the talks there could be an extension, which is why there are rising optimism that the two leaders will meet later that month,” said Alfonso Esparza, senior market analyst, OANDA.

Reuters

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