Oil prices rise by more than 1% on hopes US trade spat with China may ease

Oil markets rose by more than 1 percent on Tuesday, extending strong gains from the previous session, on hopes a trade dispute between the United States and China may be resolved without greater damage to the global economy. Despite this, prices remain within recent ranges as oil markets still face an abundance of supply that puts pressure on producers to keep their prices competitive in order not to lose market share. Brent crude futures were at $69.62 per barrel at 0651 GMT, up 96 cents, or 1.4 percent, from their last close. U.S. West Texas Intermediate crude futures were at $64.31 a barrel, up 89 cents, or 1.4 percent.