Alwaght- The oil price has risen by nearly 4.5 percent in the last two trading day, toping 70 dollars per barrel on Tuesday, as market expects trade war between the US and China may come to an end in near future.
Brent crude futures were up $1.39 at $70.04 a barrel by 1131 GMT, while West Texas Intermediate crude futures rose $1.23 to $64.65 a barrel, Reuters reported.
Oil price hike came after Chinese President Xi Jinping on Tuesday promised to open his country's economy further and lower import tariffs, in a speech that struck a conciliatory tone on the trade tensions between China and the US.
Equities and industrial commodities rose, while perceived safe-havens such as gold and US Treasuries came under pressure, reflecting confidence among traders and investors that a trade war is increasingly unlikely.
Concerns of a prolonged trade dispute between the world’s two biggest economies and uncertainty over the supply and demand balance of global oil markets have made for volatile trading in the last few weeks.
