Oil Prices Rise On Hopes U.S. Trade Spat With China May Ease

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 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 were at $63.81 a barrel, up 39 cents, or 0.6 percent.

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Suhani Verma

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