Oil prices rose alongside global markets on Tuesday as U.S. President Donald Trump said a summit in Singapore with North Korea’s Kim Jong Un had made “a lot of progress”، boosting hopes of a deal to end a nuclear standoff on the Korean peninsula، Reuters reported. Brent crude futures LCOc1 were trading at $76.72 a barrel at 0640 GMT، up 26 cents، or 0.3 percent، from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $66.42 a barrel، up 32 cents، or 0.5 percent.
Global markets were lifted after Trump said the closely watched summit with Kim was “really very positive” after he and Kim signed a document following talks.
U.S. President Donald Trump and North Korean leader Kim Jong Un pledged on Tuesday to work toward complete denuclearization of the Korean peninsula while Washington committed to provide security guarantees for its old enemy، Reuters reported.
“President Trump committed to provide security guarantees to the DPRK and Chairman Kim Jong Un reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula،” said a joint statement issued after their historic summit in Singapore.