Crude oil prices saw minute losses during early trading on Tuesday with investors focusing on positive sentiments made on the trade talks between the world's two largest economies; China and the U.S.
International benchmark Brent crude was trading at $62.50 per barrel on Tuesday at 0650 GMT for a 0.06% loss after closing Monday at $62.54 a barrel.
American benchmark West Texas Intermediate was at $57.90 a barrel at the same time for a 0.09% decline after ending the previous session at $57.95 per barrel.
Some clear developments arose from a phone call between China’s top trade negotiator Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday morning.
'Both sides discussed resolving main issues of common concern, reached consensus on how to resolve related issues, and agreed to stay in contact over remaining issues for a phase one agreement,' China’s Ministry of Commerce said in a statement.
Although the two countries have backed down on some areas in the trade conflict, some key issues, such as intellectual property rights and technology transfer, remain unresolved.
While Washington delayed increasing the rate of tariffs on $250 billion worth of Chinese imports in October, Beijing made certain exemptions from soy, pork and some agricultural goods that it imports from the U.S.
After 19 months of placing tit-for-tat tariffs on one another, investors are eager to see the two countries reach some form of a deal, however, this seems unlikely before the end of 2019.
As the trade conflict prolongs, the downward pressure continues on global economic growth and overall oil demand worldwide.
International benchmark Brent crude was trading at $62.50 per barrel on Tuesday at 0650 GMT for a 0.06% loss after closing Monday at $62.54 a barrel.
American benchmark West Texas Intermediate was at $57.90 a barrel at the same time for a 0.09% decline after ending the previous session at $57.95 per barrel.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr