Oil prices gained on Tuesday in Asia despite concerns that escalating Sino-U.S. trade war could negatively impact demand for crude.
U.S. Crude Oil WTI Futures gained 1.1% to $55.21 by 1:14 AM ET (05:14 GMT). International Brent Oil Futures rose 1% to $60.41.
The fact that the People's Bank of China set the yuan fixing stronger than expected on Tueday was cited as a tailwind for oil prices today and provided some relief to investors, although markets now believe a trade deal might not come as soon as previously expected.
Oil prices were down more than 3% earlier this week as China allowed the yuan to tumble to its weakest level in a decade against the dollar. The Beijing action was a retaliation against Trump's plan to impose more tariffs on Chinese goods.
Source : Investing.com