OIL NEWS UPDATE

Oil prices rose more than 1 percent on Wednesday, extending gains from the previous session on signs that Washington and Beijing may soon resolve a trade dispute that has cast a pall over the global economy.

U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were at $50.53 per barrel at 0459, up 75 cents, or 1.5 percent, from their last settlement. That marked the first time this year that WTI has topped $50 a barrel.

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