08/01/2019 15:33
Oil prices edge up on trade talk hopes and OPEC cuts
Oil prices rose slightly on Tuesday, supported by hopes that talks in Beijing between U.S. and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while OPEC-led supply cuts also tightened markets.
International Brent crude futures LCOc1 gained 55 cents to $57.88 per barrel by 0945 GMT.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 also climbed 55 cents, to $49.07 per barrel.
“I think there’s a very good chance that we will get a reasonable settlement that China can live with, that we can live with,” U.S. Commerce Secretary Wilbur Ross said on Monday as officials from both countries held talks to end the spat.