Oil markets climbed for the second day in a row mainly on hopes that trade tensions between the United States and China will finally ease, reducing the possible negative effects to the global economy. However, prices are still within recent ranges due to the rich oil supply within the oil markets that is pressuring producers to keep their competitive prices in order to not lose market share.
Brent crude futures closed at $68.97 a barrel at 0417 GMT, climbing 0.5 percent or 32 cents from their last session. The United States West Texas Intermediate crude futures settled at $63.76 per barrel, gaining 0.5 percent or 34 percent.
On Tuesday, the dollar rose versus the yen as risk appetite improved after Chinese President Xi delivered his speech assuring that he would reduce import tariffs. These words eased concerns among investors regarding the trade tensions between the two largest economies in the world.
The dollar gained 0.3 percent closing at 107.130 yen after it hit 107.245 earlier during the day. The dollar declined during its two previous sessions as trade conflicts and U.S. policymakers kept markets cautious.The dollar index, which monitors the greenback against its peers, moved up 0.05 percent to 89.885 following its recent decline of 0.3 percent on Monday.