U.S. WTI oil price rose 3.2% on Thursday, as the market awaited progress in U.S.-China trade negotiations.

International oil prices rose by about 3% on Thursday, as the market is hopeful for a breakthrough in the upcoming trade negotiations between the world's two largest oil-consuming countries, the United States and China. The US West Texas Intermediate crude oil for June delivery on the New York Mercantile Exchange rose by $1.84, or 3.2%, to settle at $59.91 per barrel. The European Intercontinental Exchange's July Brent crude oil rose by $1.72, or 2.81%, to settle at $62.84 per barrel.