Oil rises on Trump's comments and dollar's stability

Oil prices rose during today's and extended gains on US President Donald Trump's comments, during which the markets concerns about the trade war eased, coinciding with the stability of the dollar.

President Trump said he would hold a lengthy meeting with his Chinese counterpart, Xi Jinping, on the sidelines of the G20 summit in Osaka, Japan, later this month to resolve trade disputes, which will support global demand for goods.

Today, the American Petroleum Institute will release preliminary data on US oil inventories from last week, while official data will be released by the US Energy Information Administration tomorrow.

The dollar index (against a number of major currencies) stabilized at 97.6 points as of 16:56 GMT, reaching a high of 97.7 points and a low of 97.3 points.

In terms of trading, by 16:52 GMT, West Texas rose by 3.7% to $53.8 per barrel, and recorded a high of $54.3 and a of $51.5.

Brent rose 2.15% to $62.2 per barrel, its highest at $62.8 and the lowest at $60.2.