Oil climbs on hopes U.S., China can settle trade disputes

Oil prices rose by around 1 percent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.38 per barrel at 0713 GMT, up 60 cents, or 1.2 percent, from their last settlement. That marked the first time this year that WTI has topped $50 a barrel.

International Brent crude futures LCOc1 were up 61 cents, or 1 percent, at $59.33 per barrel.

Both crude price benchmarks had already gained more than 2 percent in the previous session.