Oil prices rose on Tuesday on hopes of progress towards a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw on U.S. crude inventories.

Brent crude, the international price benchmark, gained 12 cents to trade at $63.77, while West Texas Intermediate crude gained 13 cents, or 0.2%, to trade at $58.14 a barrel.

Top U.S. and Chinese trade negotiators held a phone call on Tuesday morning, China’s Commerce Ministry said, as the two sides try to hammer out a so-called Phase 1 deal in a trade war that has dragged on for 16 months.

Crude stockpiles in the United States are expected to have declined by 300,000 barrels last week, according to a Reuters poll of analysts.

Source: CNBC