Oil climbs over $1/bbl on U.S.-China trade deal hopes, Mideast tension - Reuters

Oil climbs over $1/bbl on U.S.-China trade deal hopes, Mideast tension - Reuters:

Oil prices rose more than $1 a barrel on Tuesday after news that China and the United States were resuming trade talks ahead of a meeting at the G20 summit later this month, spurring hopes that the two countries would resolve an ongoing trade war.

Rising tensions in the Middle East after last week’s tanker attacks, with the U.S. planning to send more troops to the Middle East, also lent support.

U.S. West Texas Intermediate crude futures rose $1.97, or 3.8%, to settle at $53.90 a barrel. Brent crude futures gained $1.20, or 2%, to settle at $62.14 a barrel.