Oil prices traded higher on Thursday as China de-escalated trade tensions with Washington, confirming preparation talks for renewed trade negotiations.
New York-traded West Texas Intermediate crude futures gained 42 cents, or 0.8%, to $56.20 a barrel by 7:34 AM ET (11:34 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., rose 6 cents, or 0.1%, to $59.99.
China's Commerce Ministry confirmed overnight that Beijing and Washington were discussing the scheduling of face-to-face trade negotiations in September. Ministry spokesperson Gao Feng repeated the call to “create conditions” for progress, saying discussions should focus on removing new tariffs to prevent escalation and resolve issues calmly.
Even if the remarks provide no sign of imminent resolution, the suggestion of de-escalation in the Chinese stance appeared to send a sigh of relief through financial markets.
Source : Investing.com