Oil prices rebounded on Wednesday, rising over 1% following reports indicating that China was willing to engage in trade discussions with the United States.
Sources said that Beijing had set specific conditions for the US President Donald Trump's administration before proceeding with trade negotiations, including demanding greater respect through limiting critical comments from cabinet officials, establishing a more consistent US stance, and addressing Chinese concerns regarding American sanctions and the Taiwan situation.
West Texas Intermediate (WTI) for May's deliveries rose by 1.17% to sell for $62.05 per barrel at 5:27 am ET. Meanwhile, Brent for June's settlements increased by 1.16% a minute later, selling for $65.42 per barrel.
