Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.
Brent was up 38 cents, or 0.64%, at $59.72 a barrel by 1200 GMT, while U.S. oil was up 54 cents, or 1%, at $54.71 a barrel.
U.S. President Donald Trump said on Monday he believed China was seeking a trade deal after he said Beijing contacted U.S. officials overnight to say it wanted a return to dialogue, adding on Twitter: “talks are continuing!”
Chinese Foreign Ministry spokesman Geng Shuang said he had not heard about a phone call between the two sides.
China’s top negotiator, Vice Premier Liu He, had earlier said Beijing was willing to solve the impasse through “calm” negotiations and opposed an escalation.
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