Crude Climbs To 3-Week High As Trade Talks Fuel Demand Optimism

Oil closed at a three-week high as U.S. negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output.
Futures rose 2.6 percent to almost $50 a barrel in New York on Tuesday. Talks with China are “ going very wel l,” U.S. President Donald Trump said in a tweet as the delegations in Beijing extended their meeting into Wednesday. Meanwhile, a post-market industry report was said to report substantial increases in American gasoline and diesel inventories, a bearish signal for crude demand.
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