Oil prices extended their gains on Thursday in Asia on U.S.-China trade hopes. Positive China data was also cited as supportive.
U.S. Crude Oil WTI Futures were at $54.31 per barrel at 1:00 AM ET (06:00 GMT), up 0.8%, from their last settlement.
International Brent Oil Futures were up 0.9%, at $64.19 a barrel.
Oil prices rose amid optimism that the world's biggest economies were close to ending their trade war. The latest round of high-level trade talks is ongoing in Beijing this week. U.S. Treasury Secretary Steven Mnuchin said on Wednesday the talks were going well, while President Donald Trump is considering pushing back the deadline by 60 days, Bloomberg reported citing people familiar with the matter.
The President told reporters earlier this week that he is open to let the original March 1 deadline slide if U.S. and China get closer to a deal, though he added he was not “inclined” to do so.