LONDON. — Oil rose yesterday following media reports that China was open to agreeing a partial trade deal with the United States, while unrest in OPEC members Iraq and Ecuador also supported prices.
Brent crude LCOc1 was up 57 cents at $58,81 a barrel by 1208 GMT, and US West Texas Intermediate crude CLc1 was at $53,11, up 48 cents.
Negotiators from the United States and China, the world’s top two economies, will meet in Washington today in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth.
Tensions between the two sides rose this week as the United States imposed visa restrictions on Chinese officials and placed some major Chinese companies on a blacklist. — Reuters.