Oil prices rose by around 1 percent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy.
U.S. West Texas Intermediate (WTI) crude oil futures were at $50.38 per barrel at 0713 GMT, up 60 cents, or 1.2 percent, from their last settlement. That marked the first time this year that WTI has topped $50 a barrel.
International Brent crude futures were up 61 cents, or 1 percent, at $59.33 per barrel.
Both crude price benchmarks had already gained more than 2 percent in the previous session.
The oil price jumps were in line with Asian stock markets, which climbed to 3-1/2 week highs on Wednesday.
Trade talks in Beijing between the world's two biggest economies entered a third day on Wednesday, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China’s markets.