Oil price extends gains to $59 on potential US/China trade talks

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



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