Oil recouped some lost ground after U.S. President Donald Trump struck a more conciliatory tone on the trade war with China.
Futures in New York were up as much as 0.8% after falling 4.8% over the previous four sessions. Trump praised comments from China’s Vice Premier Liu He, Beijing’s top trade negotiator, on his willingness to find a solution to the dispute. He also signaled he was open to meet with Iranian President Hassan Rouhani and perhaps ease restrictions on the Islamic Republic.
West Texas Intermediate crude for October delivery rose 37 cents, or 0.7%, to $54.01 a barrel on the New York Mercantile Exchange as of 11:14 a.m. in Singapore after advancing as much as 45 cents earlier. The contract settled 1% lower at $53.64 on Monday.
Brent for October settlement climbed 35 cents, or 0.6%, to $59.05 a barrel on the ICE Futures Europe Exchange. It retreated 1.1% to $58.70 on Monday. The global benchmark crude traded at a premium of $5.04 to WTI.
Source : Bloomberg