Oil prices rises by 1.5%, US-China Trade Hopes

Intro

The Price of Oil rose by more than 1.5 percent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude.

Brent crude futures LCOc1 were at $58.04 per barrel at 0751 GMT, up 98 cents, or 1.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.85 per barrel, up 89 cents, or 1.9 percent.

Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world.

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