Skip to content
Subscriber Only

Oil Climbs to 3-Week High as Trade Talks Fuel Demand Optimism

  • U.S. fuel stockpiles surged last week: industry report
  • WTI closes near $50 on longest winning streak since mid-2017
A pumpjack Photograph: Taylor Weidman/Bloomberg
A pumpjack Photograph: Taylor Weidman/BloombergPhotographer: Taylor Weidman/Bloomberg
Updated on

Oil closed at a three-week high as U.S. negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output.

Futures rose 2.6 percent to almost $50 a barrel in New York on Tuesday. Talks with China are “going very well,” U.S. President Donald Trump said in a tweet as the delegations in Beijing extended their meeting into Wednesday. Meanwhile, a post-market industry report was said to report substantial increases in American gasoline and diesel inventories, a bearish signal for crude demand.