Oil Rallies as U.S.-China Meeting Rekindles Hopes for Trade Deal
- Gains extended after API finds steep drop in crude stocks
- WTI tops $57 a barrel, notches third straight daily increase
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Oil rallied on Tuesday as plans for a meeting between the U.S. and China offered a hint of progress in the trade war dividing the world’s two biggest economies.
Futures in New York shook off their earlier malaise and shot up 1% to close trading. Crude joined an advance for equity markets on word that senior U.S. officials will be in China next Monday for the first high-level, face-to-face trade negotiations since talks broke down in May. The recovery pushed prices to their third straight daily gain.