Chinese March-delivery yuan-denominated crude oil futures on Shanghai International Energy Exchange (INE) closed Wednesday 0.95 percent, or four yuans, higher at 432.5 yuan per barrel ($63.97 bbl).

 

The rise came after Saudi energy minister Khalid Al-Falih said the world’s biggest oil exporter will continue to curb output more than required by a December deal among top producers. A possible extension of the March 1 deadline on Chinese tariffs by US President Donald Trump also increased investor optimism that the world’s two largest economies could possibly resolve their trade war talks.

 

Brent for April settlement was last trading 0.80 percent up at $62.91 bbl, with NYMEX WTI Crude Oil for March delivery adding 0.65 percent to $53.44 bbl.

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