Oil prices up with hopes of breakthrough in US-China Trade Talks

Oil prices rose on Thursday supported by hopes of a breakthrough in trade talks between the United States and China, the world’s two largest oil consumers. Brent Crude was trading over 1.5 per cent up at 62 dollars and eight cents per barrel. WTI Crude was also up by 1.8 per cent at 59 dollars and 14



cents per barrel, when reports last came in.

Meanwhile, Energy Information Administration data showed US commercial crude oil inventories decreased by 2 million barrels to 438.4 million barrels in the week ending on 2nd May.