<p class="title">Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling.</p>.<p class="bodytext">Brent crude was up 32 cents, or 0.55%, at $59.02 a barrel by 0850 GMT, after falling 1% in the previous session, dropping for the third day in a row.</p>.<p class="bodytext">U.S. West Texas Intermediate crude futures were up 36 cents, or 0.67%, at $54 a barrel, having also dropped 1% on Monday for the fourth day of decline.</p>.<p class="bodytext">Trump on Monday said he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations, settling global markets.</p>.<p class="bodytext">"While 'de-escalation' and the expectation of a temporary truce in the trade war may be what is lifting sentiment and oil prices this morning, the resolution of the U.S.-China trade rift will take time," said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.</p>.<p class="bodytext">"Oil prices appear to be getting a reprieve from the last week's U.S. and Chinese announcements of retaliatory trade measures."</p>.<p class="bodytext">Oil prices have fallen around 20% from 2019 highs reached in April, in part because of worries that the U.S.-China trade war is hurting the global economy, which could dent demand for oil.</p>.<p class="bodytext">China's Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.</p>.<p class="bodytext">In retaliation, Trump said he was ordering U.S. companies to look at ways to close operations in China and make products in the United States.</p>.<p class="bodytext">Investors are "in thrall to the president's comments, with financial markets doing abrupt changes of direction on his words that wouldn't look out of place in a 'Fast and the Furious' film", said Jeffrey Halley, senior market analyst at OANDA.</p>.<p class="bodytext">The measures are prompting reactions from Chinese companies, with Sinopec seeking a tariff exemption for importing U.S. oil in the coming months, sources told Reuters.</p>.<p class="bodytext">Meanwhile, U.S. crude oil and gasoline inventories are expected to have fallen last week, while distillate stockpiles were seen higher, a Reuters poll showed on Monday.</p>.<p class="bodytext">Five analysts polled by Reuters estimated, on average, that crude inventories fell by 2.1 million barrels in the week to Aug. 23.</p>
<p class="title">Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling.</p>.<p class="bodytext">Brent crude was up 32 cents, or 0.55%, at $59.02 a barrel by 0850 GMT, after falling 1% in the previous session, dropping for the third day in a row.</p>.<p class="bodytext">U.S. West Texas Intermediate crude futures were up 36 cents, or 0.67%, at $54 a barrel, having also dropped 1% on Monday for the fourth day of decline.</p>.<p class="bodytext">Trump on Monday said he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations, settling global markets.</p>.<p class="bodytext">"While 'de-escalation' and the expectation of a temporary truce in the trade war may be what is lifting sentiment and oil prices this morning, the resolution of the U.S.-China trade rift will take time," said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.</p>.<p class="bodytext">"Oil prices appear to be getting a reprieve from the last week's U.S. and Chinese announcements of retaliatory trade measures."</p>.<p class="bodytext">Oil prices have fallen around 20% from 2019 highs reached in April, in part because of worries that the U.S.-China trade war is hurting the global economy, which could dent demand for oil.</p>.<p class="bodytext">China's Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.</p>.<p class="bodytext">In retaliation, Trump said he was ordering U.S. companies to look at ways to close operations in China and make products in the United States.</p>.<p class="bodytext">Investors are "in thrall to the president's comments, with financial markets doing abrupt changes of direction on his words that wouldn't look out of place in a 'Fast and the Furious' film", said Jeffrey Halley, senior market analyst at OANDA.</p>.<p class="bodytext">The measures are prompting reactions from Chinese companies, with Sinopec seeking a tariff exemption for importing U.S. oil in the coming months, sources told Reuters.</p>.<p class="bodytext">Meanwhile, U.S. crude oil and gasoline inventories are expected to have fallen last week, while distillate stockpiles were seen higher, a Reuters poll showed on Monday.</p>.<p class="bodytext">Five analysts polled by Reuters estimated, on average, that crude inventories fell by 2.1 million barrels in the week to Aug. 23.</p>