Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil prices rise on trade talk optimism

1099904
1099904
minus
plus


LONDON: Oil prices rose 2 per cent on Wednesday as the extension of US-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff.


US West Texas Intermediate crude oil futures were at $50.82 per barrel at 09:45 GMT, up $1.04, or 2.09 per cent, the first time this year that WTI has topped $50.


International Brent crude futures were up $1.09, or 1.86 per cent, at $59.81 per barrel.


Both crude price benchmarks added to Tuesday’s 2 per cent gains and have now been on the rise for eight straight days — their longest rally since June 2017.


“After a dreadful December for risk markets, crude oil continues to catch a positive vibe,” said Stephen Innes at futures brokerage Oanda in Singapore, citing tensions between the superpowers which have cast a pall over the world economy.


The trade talks were carried over into an unscheduled third day, amid signs of progress on issues including purchases of US farm and energy commodities and increased US access to China’s markets. — Reuters



SHARE ARTICLE
arrow up
home icon