Oil prices rise after US confirms trade talks with China to start

Oil prices rose on Thursday, rebounding from earlier losses, after the US confirmed that talks with China to reach a trade agreement would be held in the coming weeks, giving hope that a dispute that has roiled global economies will be resolved.

The gains add to a surge in prices on Wednesday that had been driven by a survey showing activity in China’s services sector expanded at the fastest pace in three months in August, as new orders rose in the world’s second-biggest consumer of oil.

Brent crude was up 21 cents, or 0.4 per cent, at $60.91 a barrel by 0301 GMT. On Wednesday, Brent rose 4.2 per cent. West Texas Intermediate (WTI) was up 17 cents, or 0.3 per cent, at $56.43 a barrel, having risen 4.3 per cent the previous session, the biggest percentage gain in