Crude Oil prices were positive on Tuesday, supported by hopes that negotiations underway in Beijing with US and Chinese officials could end trade worries between the world’s biggest economies.
Crude Oil prices edged up with US WTI crude oil futures were at USD 48.69/ barrel, up 0.4% from their last settlement. Brent crude futures were at USD 57.43 per barrel up 0.1 percent from their last close.
Due to rise in crude oil prices in the international markets, the Indian rupee opened lower versus the US dollar on Tuesday. The local currency opened at 69.84 per dollar and later touched a low of 70.01 per dollar.
Crude oil was trading higher for more than a week and investors are waiting for the results of the US-China trade discussions, which started yesterday. Brent crude has risen 14% in the last eight sessions, going near to USD 60/barrel on expectation of a trade deal between the two largest economies of the world.