Crude oil extended gains toward $61 a barrel in New York on signs China’s economy is stabilising, and as investors hope for a breakthrough in the country’s trade talks with the US, which will resume this week.
Crude futures rose as much as 1.3 per cent, following their strongest quarter since 2009. The dollar dropped after four days of gains, also helping crude go higher.
Positive risk sentiment as gauged by rising equity markets, and a weaker dollar are helping oil, UBS Group AG analyst Giovanni Staunovo wrote in a report.
Oil rallied 32 per cent in the first quarter as Saudi Arabia led the Organization of the Petroleum Exporting Countries and its allies in squeezing supplies to prevent a glut.
