Oil settles 1 percent higher on hopes of market rebalance, trade deal | Reuters:
Crude prices rose more than 1 percent on Wednesday to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela.
Market fears over trade talks between the United States and China had helped push oil prices lower in early trade, but the market reversed after signs of progress emerged on Wednesday and strengthened equity markets. [.N]
U.S. President Donald Trump said negotiations with China were going well and suggested he was open to extending the deadline to complete them beyond March 1, when tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent.
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