Crude oil prices were up to start Tuesday as investors are optimistic that U.S. and China would reach a trade agreement before the end of the year to put an end to the 19-months long conflict.
International benchmark Brent crude was trading at $62.35 per barrel at 0630 GMT for a 0.34% gain after closing Monday at $62.14 a barrel.
American benchmark West Texas Intermediate was at $56.65 a barrel at the same time for a 0.12% increase after ending the previous session at $56.58 per barrel.
U.S. and China, world's two largest economies and oil consumers, are expected to reach some form of a trade agreement before the end of the year, according to experts.
Even a partial trade deal would have a positive impact on outlook of global economic growth and overall oil demand in the world, they added.
The two countries reached phase one of a trade deal on Oct. 11, as Washington agreed not to increase the rate of tariffs on $250 billion of Chinese goods, and Beijing agreed to purchase $50 billion worth of American agricultural products.
Yet, major points of the trade dispute, like technology transfer and intellectual property theft, still remain unresolved.By Ovunc Kutlu