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Oil prices rose yesterday on hopes of progress toward a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw on US crude inventories.
Brent crude LCOc1, the international price benchmark, gained 14 cents to $63,79 by 1144 GMT while West Texas Intermediate crude CLc1 was up 17 cents at $58,18.
Top US and Chinese trade negotiators held a phone call yesterday 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.
The call took place amid heightened tensions, with China saying it had summoned the US ambassador on Monday to protest against the passage in the US Congress of the Hong Kong Human Rights and Democracy Act. — Reuters.
Online Reporter