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Oil rises on hopes of resolving US-China trade dispute
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Oil prices jumped almost 5 percent to their highest level in nearly a month on hopes of easing tensions between the world's two largest economies, while the market received support from OPEC-led production cuts.
US West Texas Intermediate crude futures rose $ 2.58 to settle at $ 52.36 a barrel, up 5.18 percent. This is the first time crude has exceeded $ 50 a barrel.
US West Texas Intermediate crude futures rose $ 2.58 to settle at $ 52.36 a barrel, up 5.18 percent. This is the first time crude has exceeded $ 50 a barrel.
Brent crude futures rose 2.72 dollars, or 4.63 percent, to settle at $ 61.44 a barrel.
The huge gain has boosted futures to a 14 percent rise this year.
Trade talks in Beijing between the United States and China ended and negotiators focused on Beijing's pledge to buy "large quantities" of agricultural, manufactured and energy goods from the United States, the US Trade Representative's Office said.
Oil prices have been supported by production cuts by a group of OPEC crude producers as well as by non-OPEC members.
The OPEC-led cuts aim to rein in an emerging supply gap, partly due to a rise in US crude oil production to a record 11.7 million bpd.
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