MTECHTIPS;-Oil prices rise by more than 1% on hopes US trade

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MTECHTIPS;-Oil prices rise by more than 1% on hopes US trade spat with China may ease

MTECHTIPS- Oil markets rose by more than 1% on Tuesday, extending strong gains from the previous session, on hopes a trade dispute between US and China may be resolved without greater damage to the global economy. Despite this, prices remain within recent ranges as oil markets still face an abundance of supply that puts pressure on producers to keep their prices competitive in order not to lose market share. Brent crude futures were at $69.62 per barrel at 12.21 pm, up 96 cents, or 1.4%, from their last close. US West Texas Intermediate (WTI) crude futures were at $64.31 a barrel, up 89 cents, or 1.4%. The gains followed a more than 2% rally on Monday, but that was a rebound from a 2% decline on Friday. Chinese President Xi Jinping on Tuesday promised to open the country’s economy further and lower import tariffs, in a speech that struck a conciliatory tone on the rising trade tensions between China and US. The crude oil price rises had come “amid easing apprehensions of a trade war between the United States and China,” said , director of energy consultancy Trifecta