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U.S. oil prices rise above $50 on trade talk hopes

Reuters  |  SINGAPORE 

By Gloystein

SINGAPORE (Reuters) - U.S. on Wednesday rose above $50 per barrel for the first time in 2019 on hopes that and can resolve a trade dispute that has triggered a global economic slowdown.

U.S. Intermediate (WTI) oil futures were at $50.14 per barrel as at 0021, up 36 cents, or 0.7 percent from their last settlement.

International Brent futures had yet to trade.

"The mood was ... boosted by signs of further progress in trade talks between the U.S. and China," said on Wednesday.

The world's two biggest economies will continue trade talks in for an unscheduled third day on Wednesday, U.S. officials said, amid signs of progress on issues including purchases of U.S. farm and and increased U.S. access to China's markets.

Daily said on Wednesday that is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

have also been receiving support from supply cuts started at the end of 2018 by a group of producers around the Organization of the Exporting Countries (OPEC) as well as non-OPEC member

"Crude continued to march higher, with investors becoming increasingly confident that the OPEC cuts would tighten the market," ANZ said.

(Reporting by Gloystein; editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 06:08 IST