Oil futures ended higher Thursday as traders weighed potential outcomes for U.S.-China trade talks, which are likely to have a direct impact on demand for energy.
Crude prices found support from expectations that the U.S. will extend its deadline for implementing additional tariffs on Chinese goods by 60 days, according to Bloomberg News, but prices had also spent part of the session time trading lower.
Trade talks between the two countries continue. U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer will meet China President Xi Jinping in Beijing on Friday, the South China Morning Post reported.
March West Texas Intermediate crude oil rose 51 cents, or 1%, to settle at $54.41 on the New York Mercantile Exchange—the highest finish since Feb. 4, according to Dow Jones Market Data.
Meanwhile, April Brent added 96 cents, or 1.5%, to $64.57 on the ICE Futures Europe exchange. Prices again posted their highest finish since November.
Source : Market Watch