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Oil Rises on Improvement Reported in Trade Talks, Drone Attack
Tuesday, 20 August 2019 02:47 WIB | ENERGY |Minyak WTI

Oil is getting a boost from a positive spin on U.S.-China trade talks and reports of a new drone attack on a Saudi oilfield. But the bigger factor for the week could be what transpires at the Kansas City Fed's annual gathering in Jackson Hole, Wyo.

New York-traded West Texas Intermediate crude settled up $1.23, or 2.2%, at $56.13 per barrel.

London-traded Brent crude gained $1.01, or 1.7%. But the benchmark for oil outside of the U.S. remained below the key $60 per barrel mark, settling at $59.65

Crude benefited from a broad-based rally in risk assets after a weekend of mostly upbeat talk from the U.S. administration about trade. White House economic adviser Larry Kudlow said recent conversations between both sides had been œpositive and teleconferences would continue for a week to 10 days.

Source: Investing.com

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