US and China trade talks boost oil price

Noah Browning Oil prices extended gains, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while Opec-led supply cuts also tightened markets.

Oil prices extended gains, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while Opec-led supply cuts also tightened markets.

The price of Brent crude — the global benchmark — rose by over $1, or 1.75%, to $58.35 a barrel. US benchmark, the West Texas Intermediate crude oil, climbed 95 cents, or almost 2%, to $49.47 a barrel.