Oil soars 4% on hopes U.S.-China trade talks resume, Mideast tension - Reuters

Oil soars 4% on hopes U.S.-China trade talks resume, Mideast tension - Reuters:

Oil prices rose about $2 a barrel on Tuesday after U.S. President Donald Trump said he would hold an extensive meeting with Chinese President Xi Jinping at the G20 summit later this month.

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 $2.26, or 4.4%, to $54.19 a barrel by 11:11 a.m. EDT (1511 GMT). Brent crude futures rose $1.80, or 3%, to $62.74 a barrel.

“Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting,” Trump tweeted.