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6/18, 6:07 PM (Source: TeleTrader)
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WTI jumps almost 4% on renewed US-China talks

Oil markets traded sharply higher on Tuesday with American benchmark West Texas Intermediate jumping almost 4% as investors regained hopes of a new trade deal between the United States and China. Earlier in the day, US President Donald Trump confirmed he will meet his Chinese counterpart Xi Jinping next week at the G20 summit.

Meanwhile, the ongoing tensions in the Middle East following an attack on two oil tankers in the Gulf of Oman also continued to provide support for the rising crude values. Earlier, the US accused Iran of being responsible for the incident and noted it will deploy 1,000 more troops to address alleged threats from Tehran.

WTI for July delivery gained 3.50%, changing hands for $53.80 per barrel at 12:01 pm ET, after rising around 3.80% just minutes earlier while the international benchmark Brent for settlements in August added 2.10% to trade for $62.26 per barrel at 12:02 pm ET.

Breaking the News / VK