Oil advanced above $64 a barrel after Chinese President Xi Jinping’s speech raised hopes that U.S.-China trade tensions may ease, lifting risk assets around the world.
“There seems to be a slightly more conciliatory tone coming from both sides at the moment,” Neil Atkinson, head of the oil markets and industry division at the International Energy Agency, said in a Bloomberg television interview.
Brent for June settlement was up 85 cents at $69.50 a barrel on the London-based ICE Futures Europe exchange, after advancing 2.3 percent on Monday. The global benchmark crude traded at a $5.33 premium to June WTI, the widest since March 29.
Yuan-denominated futures for September delivery rose 2.4 percent to 410.1 yuan a barrel on the Shanghai International Energy Exchange.