Oil rises as hopes grow for U.S.-China trade breakthrough - Reuters

Oil rises as hopes grow for U.S.-China trade breakthrough - Reuters:

Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling.

Brent crude LCOc1 was up by 26 cents, or 0.4%, at $58.96 a barrel by 0636 GMT, after falling 1% in the previous session, dropping for a third day in a row.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up by 23 cents, or 0.4%, at $53.87 a barrel, having also dropped 1% on Monday for a fourth day of declines.

Trump on Monday said he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through “calm” negotiations, settling global markets.