10/9, 1:48 PM (Source: TeleTrader)
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Oil trades higher on possible trade war relief

Crude prices moved higher on Wednesday following reports that China is willing to agree to a partial trade deal with the United States despite the blacklisting of its tech companies and the introduction of visa restrictions on Chinese government officials.

Negotiators from the US and China will meet on Thursday to resume trade talks ahead of a deadline imposed by US President Donald Trump for making progress. If the two sides fail to advance in the discussions, new tariffs on $250 billion worth of Chinese goods will go into effect.

International benchmark Brent for settlement in December climbed 1.01% to $58.83 per barrel at 7:36 am ET, while equivalent West Texas Intermediate futures jumped 1.03% to $53.14 per barrel.

Breaking the News / JC