Oil prices rose on Tuesday, supported by hopes that demand may rise more quickly if talks between U.S. and Chinese officials resolve the trade dispute between the world's two biggest economies.
A possibility that OPEC-led supply cuts could be extended also supported prices.
U.S. West Texas Intermediate (WTI) crude oil futures ended Tuesday's session up $1.26, or 2.6 percent, at $49.78 per barrel. International Brent crude futures gained $1.29, or 2.3 percent, to $58.62 per barrel by 2:26 p.m. ET.
"The trade situation is definitely bullish; you have a good demand construction if we can wrap up this trade deal," said Bob Yawger, director of futures at Mizuho in New York.
The talks are going well so far and will continue on Wednesday, U.S. delegation member Steven Winberg said.