Oil Climbs for Seventh Day as Trade Talks Fuel Demand Optimism - Bloomberg:
Oil rallied for a seventh day as U.S. negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output.
Futures increased as much as 3 percent to almost $50 a barrel in New York on Tuesday. Talks with China are “going very well,” U.S. President Donald Trump said in a tweet as the delegations in Beijing extended their meeting into Wednesday. Meanwhile, U.S. crude inventories probably declined last week, easing worries about a glut.
“The market is clearly rebounding from sharply oversold territory,” said Michael Tran, commodities strategist at RBC Capital Markets LLC. “The macro outlook looks and feels a lot less dire than it did just a couple of weeks ago.”’
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