Oil Updates — crude rises to 7-week high as investors await trade truce details and US-Iran talks
LONDON: Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of US-China trade negotiations, while pessimism over US-Iran nuclear talks also provided support.
Brent crude futures were up 82 cents, or 1.2 percent, to $67.69 a barrel at 1:28 p.m. Saudi time, while US West Texas Intermediate crude was up 96 cents, or 1.5 percent, to $65.94.
US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China’s export restrictions on rare earth minerals and magnets, US Commerce Secretary Howard Lutnick said on Tuesday at the conclusion of two days of intense negotiations in London.
The two countries are the world’s largest economies and oil consumers.
