UPDATE 3-Oil prices rise on hopes U.S. trade spat with China may ease
SINGAPORE, April 10 (Reuters) – Oil markets rose for a second day on Tuesday, with Brent rising above $69 per barrel on hopes a trade dispute between the United States and China, the world’s two biggest crude consumers, may be resolved without greater damage to the global economy.
Yet 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 LCOc1 were at $69.04 per barrel at 0523 GMT, up 39 cents, or 0.6 percent, from their last close.
U.S. West Texas Intermediate crude futures CLc1 were at $63.81 a barrel, up 39 cents, or 0.6 percent.
The gains followed a more than 2 percent rally on Monday during European and American trade hours, but that was a rebound from a 2 percent decline on Friday. 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 the United States. crude oil price rises had come “amid easing apprehensions of a trade war between the United States and China,” said Sukrit Vijayakar, director of energy consultancy Trifecta.
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