Crude oil for December delivery is extending to recent gains on continued optimism about the outlook for global demand.
West Texas Intermediate advanced $0.70 or 1.24 percent to $57.22.
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.
The material has been provided by InstaForex Company – www.instaforex.com