On Monday, January 7, oil prices are rising by three percent amid optimism over the US – China trade talks.

As reported with reference to trading data, as of two o’clock in Moscow time, the price of March futures for the North Sea oil mixture of the Brent brand grew by 2.77% — to 58.64 dollars per barrel. At the same time, the cost of February futures for WTI crude oil rose by 2.81% to 49.31 dollars per barrel.

The rise in oil prices was caused by a positive market reaction to the news on trade relations between Washington and Beijing: on Friday night, the Ministry of Commerce of China announced that on January 7-8, China will hold talks with the US on trade issues.