05.11.2019 21:32:36

Crude Oil Prices Continue To Climb

(RTTNews) - Crude oil prices extended recent gains on Tuesday amid continued optimism about the outlook for global demand.

West Texas Intermediate crude oil for December delivery advanced $0.69 or 1.2 percent to $57.23.

Traders continue to be hopeful for a U.S.-China trade deal as President Donald Trump and Chinese President Xi Jinping are widely expected to sign phase one of an agreement sometime this month.

As part of the deal, the U.S. is likely to scrap tariffs on about $156 billion worth of Chinese imports currently set to take effect on December 15.

A report from the Financial Times said the U.S. is also considering China's request to lift the 15 percent tariff on about $125 billion worth of Chinese goods that went into effect on September 1.

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