WASHINGTON (dpa-AFX) - Oil prices edged higher on Tuesday amid the U.S-China trade truce extension and ahead of U.S.-Russia talks.
Benchmark Brent crude futures edged up by 0.2 percent to $66.74 a barrel in European trade, while WTI crude futures were up 0.1 percent at $64.01.
The United States has extended its pause on higher tariffs for Chinese goods until November 10, averting an immediate escalation in the trade war.
The truce extension will give more time for negotiations about 'remedying trade imbalances' and 'unfair trade practices', the White House said.
U.S.-China Business Council president Sean Stein described the extension as 'critical to give the two governments time to negotiate an agreement' that could pave the way for a Trump-Xi meeting this fall.
On the geopolitical front, U.S. President downplayed expectations for the upcoming meeting in Alaska, saying he would confer with Ukraine and European leaders after the sitdown, adding it would be 'really a feel-out meeting.'
Focus also shifted to the U.S. Labour Department's report on U.S. consumer price inflation later in the day that could impact the outlook for interest rates.
Following recent weakening labour market data, bond investors are betting on a Federal Reserve interest rate cut next month.
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