Oil Rallies as U.S.-China Meeting Rekindles Hopes for Trade Deal - Bloomberg

Oil Rallies as U.S.-China Meeting Rekindles Hopes for Trade Deal - Bloomberg:

Oil rallied on Tuesday as plans for a meeting between the U.S. and China offered a hint of progress in the trade war dividing the world’s two biggest economies. 


Futures in New York shook off their earlier malaise and shot up 1% to close trading. Crude joined an advance for equity markets on word that senior U.S. officials will be in China next Monday for the first high-level, face-to-face trade negotiations since talks broke down in May. The recovery pushed prices to their third straight daily gain.

West Texas Intermediate for September delivery jumped 55 cents to $56.77 a barrel on the New York Mercantile Exchange. Brent for September settlement rose 57 cents to close at $63.83 on the ICE Futures Europe Exchange.