SINGAPORE: OilNSE -1.24 % prices rose on Thursday, buoyed by hopes that potential progress in the latest Sino-US tariff talks would improve the global economic outlook.
US West Texas Intermediate (WTI) crude futures were at $54.15 per barrel at 0204 GMT, up 25 cents, or 0.5 per cent, from their last settlement. They closed up 1.5 per cent on Wednesday, having touched their highest since February 5 at $54.60 a barrel.
International Brent crude oil futures were up 29 cents, or 0.5 per cent, at $63.90 a barrel. They closed the previous session up 1.9 per cent, after marking their strongest since November 21 at $63.98 a barrel.
Optimism that a trade deal could be reached between the United States and China was boosted when US President Donald Trump said talks were going “very well”.
“The 90-day truce (on trade) agreed in December will run out on March 1, but given the progress of the talks there could be an extension, which is why there (is) rising optimism that the two leaders will meet later that month,” said Alfonso Esparza, senior market analyst, OANDA.
