Oil extends gains amid Middle East tensions, US-China trade deal hopes


Oil extends gains amid Middle East tensions, US-China trade deal hopes

Oil prices climbed on Wednesday, extending sharp gains from the previous session on rekindled hopes for a U.S.-China trade deal and on continued tensions in the Middle East after tanker attacks there last week.

Brent crude futures were up 34 cents, or 0.6%, at $62.48 a barrel by 0028 GMT. They rose 2% on Tuesday. U.S. West Texas Intermediate crude gained 44 cents, or 0.8%, to $54.34 a barrel. The U.S. benchmark surged 3.8% in the last session.

In a post on Twitter, U.S. President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka next week.

That comes after talks to reach a broad deal on trade between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments. Read more

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