Oil firms as optimism returns to U.S.-China trade talks - Reuters

Oil firms as optimism returns to U.S.-China trade talks - Reuters:

Oil prices rose on Tuesday on hopes of progress toward a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw in U.S. crude inventories.

Brent crude LCOc1, the international benchmark for oil prices, was up 20 cents at $63.85 at 0958 GMT. West Texas Intermediate crude CLc1 rose 19 cents to $58.20.

Top U.S. and Chinese trade negotiators held a phone call on Tuesday morning, China’s Commerce Ministry said, as the two sides try to hammer out a preliminary “phase one” deal in a trade war that has dragged on for 16 months.