Mubasher: Oil futures climbed at Tuesday’s settlement, the highest front-month contract close since 7 June.

July Nymex WTI rose $1.97, or 3.8%, to close at $53.9 per barrel, followed a tweet by US president Donald Trump suggesting progress in trade talks with China.

The US and China will hold an “an extended meeting” at the G-20 in Japan next week, Trump posted on Twitter.