Oil prices rose by over 1% amid supply risks and US-China trade talks
Kyiv • UNN
Oil prices rose by more than 1% for the second consecutive day due to risks of supply disruptions and hopes for a trade deal between the US and China. The US also plans to replenish its strategic oil reserves.
Oil prices rose for a second straight day on Wednesday, by more than 1%, amid supply disruption risks related to sanctions and hopes for a trade deal between the US and China, UNN reports, citing Reuters.
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Investors also reacted to the news that the US is looking to replenish its strategic oil reserves.
Brent crude futures rose 94 cents, or 1.5%, to $62.26 a barrel as of 04:00 GMT (07:00 Kyiv time).
While US West Texas Intermediate crude futures rose 92 cents, or 1.6%, to $58.16.