Brent Tops $60 as Trade Talks Buoy Longest Oil Rally Since 2017

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Brent Tops $60 as Trade Talks Buoy Longest Oil Rally Since 2017

Three days of US-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Donald Trump said they were "going very well!".

The two governments have announced no details, but Asian stock markets rose on news of the decision to extend negotiations that originally were planned for two days. The S&P 500 Index has fallen about 8% since Trump and Chinese President Xi Jinping agreed on a 90-day truce at a December 1 meeting in Argentina.

The first round of comprehensive trade talks between the U.S. and China since the countries declared a tentative ceasefire late previous year is set to continue for a third day, both sides confirmed on Tuesday. While the USA government hadn't specified how long the talks would last, China's Commerce Ministry had previously said they would only go on for two days.

Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports. The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges she misled multinational banks about her company's business dealings in Iran.

"From the beginning we have believed that China U.S. trade friction is not a positive situation for either country or the world economy", Lu said.

The American side in the trade talks is being led by a deputy US trade representative, Jeffrey D. Gerrish, according to the USA government. Among many things, the Communist leader pledged to buy more USA agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.

Hundreds of billions in levies.

Asked about the timing of the operation during trade talks, Lu said resolving issues would help both countries and the world.

Foreign Ministry spokesperson Lu Kang at a daily news briefing on January 9, 2019.

Although the talks were held at a vice ministerial level, Chinese Vice Premier Liu He, who has led trade negotiations with the United States and is a top economic adviser to Xi, made an unexpected appearance at the meetings on Monday, according to a person familiar with the discussions.

Brent oil extended its longest rally in a year and a half, rebounding above $60 a barrel, on hopes of a resolution in the U.S.

"We have shown our sincerity, we have established our stand in this, so we don't need other actions to gain the confidence of the US".

The United States has long complained about access to the vast Chinese market and Beijing's demands US companies reveal their technology advances.

Vehicle and property sales have slumped as Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

The president has focused on the stock market as it's fallen over the past month as a gauge of success or failure, expressing frustration at the volatility, the people said.

On Monday, Chinese importers made another large purchase of USA soybeans, their third in the past month.

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