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Oil climbs on hopes U.S., China can settle trade disputes


Wednesday, 9 January 2019 14:43 WIB

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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.

Source: Reuters


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