Oil markets added to strong gains from the previous session on Tuesday on hopes that a trade dispute between the United States and China could be resolved without greater damage to the global economy. Yet prices remain within recent ranges as oil markets still face an abundance of supplies that puts pressure on producers to keep their prices competitive in order not to lose market share.
Brent crude futures were at $69.02 per barrel at 0225 GMT, up 37 cents, or 0.5 per cent, from their last close. US WTI crude futures were at $63.84 a barrel, up 42 cents, or 0.7 per cent, from their previous settlement. This followed a more than 2 per cent rally on Monday during European and American trade hours, a rebound from a 2 per cent price fall on Friday. Read More