Oil prices rose by nearly two per cent this afternoon as markets were buoyed by hopes of an ease in US-China tensions.
Markets turned upwards after US President Donald Trump said he was expecting to hold an “extended” meeting with his Chinese counterpart Xi Jingping later this month at a meeting of the Group of 20 nations in France.
Read more:Oil prices fall for second day as US-China trade war bites
“Had a very good telephone conversation with President Xi of China,” Trump tweeted.
He added: “We will be having an extended meeting next week at the G-20 in Japan.”
The countries are now working on arrangements, the President said.
“Right now, this is a rumour-driven market,” said Gene McGillian, vice president of market research at Tradition Energy. “Theres the expectation that if you are able to reach a trade resolution, it would help global economic growth.”
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