Crude oil prices rose more than 1% in mid-session on Thursday as the U.S. and China prepare to roll back tariffs imposed on each other to sign a phase-one deal that could potentially put an end to their 19-month trade war.
International benchmark Brent crude increased to $62.37 per barrel at 0905 GMT to gain 1.02% after closing Wednesday at $61.74 a barrel.
American benchmark West Texas Intermediate climbed to $56.95 a barrel at the same time for a 1.06% increase after ending the previous day at $56.35 per barrel.
Chinese Commerce Ministry Spokesperson Gao Feng said the U.S. and China should both roll back some of the tariffs imposed on each other simultaneously and proportionally before the countries sign phase one of the trade deal, according to media reports.
He added that the amount and extent of the tariffs to be rolled back by both countries would depend on the content of the phase-one trade deal.
Over the last 19 months, the U.S. has imposed tariffs on $550 billion worth of Chinese imports, while China has reciprocated by implementing tariffs on $185 billion worth of imports from the U.S.
Last month, U.S. President Donald Trump delayed increasing the rate of tariffs on $250 billion worth of Chinese imports until Oct. 15, while China has provided certain exemptions from soy, pork and some agricultural goods that it imports from the U.S.
By Ovunc Kutlu