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Oil prices rise as markets await signals on trade talks
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Economy News - Baghdad
Oil prices rose on Tuesday, recovering from early losses on hopes that US President Donald Trump may signal progress in trade talks with China in a speech later on Tuesday.
By 0644 GMT, Brent crude futures were up 31 cents, or 0.5 percent, to $ 62.49 a barrel, after falling to $ 61.90 a barrel earlier on Tuesday.
US West Texas Intermediate (WTI) crude rose 23 cents, or 0.4 percent, to $ 57.09 a barrel, after falling to $ 56.55 a barrel.
Prices fell on Monday on concerns about the impact on oil demand from the repercussions of the 16-month US-China trade war, which has cast a shadow on global economic growth.
Trump said on Saturday that talks with China were going "very well" but the United States would only make a deal if it was the best for Washington. He also said there had been false reports of the US intention to raise tariffs.
Trump is due to speak at the New York Economic Club later on Tuesday, and markets will be hungry for anything new about the talks.
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