Oil rises as US-China trade comments calm markets
Oil prices rose on Tuesday after US President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling.
Brent crude was up by 25 cents, or 0.4 per cent, at $58.95 a barrel by 0214 GMT, after falling 1 per cent in the previous session, dropping for a third day in a row.
US crude was up by 30 cents or 0.6 per cent at $53.94 a barrel, having also dropped 1 per cent on Monday for a fourth day of declines.
Trump on Monday said he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through “calm” negotiations, settling global markets.
