Oil hits $70 a barrel as China offers soothing words on trade

Oil hit $70 a barrel on Tuesday, in its biggest two-day rally in nearly a month, as investors grew more confident that a brewing trade dispute between the United States and China may be resolved without causing harm to the global economy.

Brent crude futures were last up $1.35 at $70.00 a barrel by 1418 GMT, while West Texas Intermediate crude futures rose $1.30 to $64.72 a barrel.

President Xi Jinping on Tuesday promised to open China’s economy further and lower import tariffs, striking a conciliatory tone on the trade tensions between China and the United States.

Equities and industrial commodities rose, while