Oil prices rise by more than 1pc on China-US trade talks

SINGAPORE: Oil prices rose by more than 1 per cent on Friday, shaking off earlier losses, after China said it would hold talks with the US government on January 7-8 to look for solutions to a trade dispute between the world’s two biggest economies.
Brent crude futures LCOc1 were at $56.60 per barrel at 0741 GMT, up 65 cents, or 1.2 per cent, from their last close.
US West Texas Intermediate (WTI) crude oil futures CLc1 were at $47.61 per barrel, up 52 cents, or 1.1 per cent.
Both benchmarks are on track for solid gains in the first week of 2019 trading despite rising concerns that the Sino-American trade war will lead to a global economic slowdown.
The firmer prices came after China’s commerce ministry said it would hold vice-ministerial level trade talks with US counterparts in Beijing on January 7-8. — Reuters