LONDON – Oil prices rose on Tuesday, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world's two biggest economies, while Opec-led supply cuts also tightened markets.
Brent crude futures gained 69 US cents, or 1.22 percent, to $58.02 (R810.32) a barrel by 3:25pm.
US West Texas Intermediate (WTI) crude oil futures climbed 59c, 1.22 percent, to $49.11 a barrel.
US Commerce Secretary Wilbur Ross said on Monday that there was a "very good chance" of reaching a settlement, while China's Foreign Ministry said Beijing had the "good faith" to resolve trade friction with the US.
Some analysts warned, however, that the relationship between the superpowers remained shaky and tensions could flare anew.