Market News
Oil prices rise 3% on support from US-China trade hopes - REUTERS
Summary
- Crude prices supported by impending US-China talks
- Brent prices could drop to $50 if US-Iran deal occurs - Citi
- Trump heralds 'breakthrough' deal with UK
NEW YORK, May 8 (Reuters) - Oil prices rose around 3% on Thursday, buoyed by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers.
Brent crude futures settled up $1.72, or 2.8%, at $62.84 a barrel. U.S. West Texas Intermediate crude rose $1.84, or 3.2%, to $59.91.
U.S. Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland for negotiations over a trade war that is disrupting the global economy. Optimism around those talks was providing support to the market, said SEB analyst Ole Hvalbye.
