Oil prices were up Tuesday after US President Donald Trump said that the US would forge a trade deal with China after positive comments from the latter, which eased tensions globally.
Brent crude was up 0.4% at $58.95/barrel, while US crude was up 0.6% at $53.94/barrel.
Trump said on Monday that he believed China was sincere about reaching a deal. Chinese Vice Premier Liu said China was willing to resolve the dispute through "calm" negotiations.
Oil prices have fallen around 20% from a 2019 high in April owing to the Sino-American trade tiff, which has dented the global economy and hence, the demand outlook for oil.
Oil prices have fallen around 20% from a 2019 high in April owing to the Sino-American trade tiff, which has dented the global economy and hence, the demand outlook for oil.
Meanwhile, US crude oil and gasoline inventories likely fell last week, while distillate stockpiles rose, a preliminary Reuters poll showed on Monday.
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