Oil rallied Wednesday on continued optimism over U.S.-China trade talks and industry data pointing to a fall in domestic inventories, pushing U.S. futures back above $50 a barrel for the first time since mid-December.
West Texas Intermediate crude for February delivery rose $1.13, or 2.3%, to $50.91 a barrel, trading above the $50 level on an intraday basis for the first time since Dec. 14, according to FactSet data. March Brent crude rose $1.13, or 2.4%, to $59.85 a barrel.
U.S.-China trade talks concluded Wednesday after being extended to a third day. Global stocks rose, with U.S. futures pointing to a higher start for Wall Street, with Bloomberg reporting that President Donald Trump is eager to complete a deal on the expectation that it would boost financial markets battered in part due to fears surrounding the trade battle.
Source : Marketwatch