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Oil Higher as US-China Talks on Right Track

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Crude prices rose nearly 2 percent on Wednesday, with Brent hitting its highest this year, on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela.

West Texas Intermediate graph

Prices were also supported by strong equity markets after signs of progress in trade talks between the United States and China. [.N]

U.S. President Donald Trump said negotiations with China were going well and suggested he was open to extending the deadline to complete them beyond March 1, when tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent.

via Reuters

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