Oil prices rose on Wednesday, further extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown.
U.S. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel up 51 cents, or 1 per cent from their last settlement. It was the first time this year that WTI has topped $50 a barrel.
Also, the International Brent crude futures were up 42 cents, or 0.7 per cent at $59.14 per barrel. Both crude price benchmarks had already gained more than 2 per cent in the previous session.
Source: Oriental News