Baghdad: Oil prices rose to their highest levels in seven weeks on Wednesday, influenced by positive expectations for trade talks between the United States and China. Brent crude futures rose 9 cents, or 0.1%, to $66.96 a barrel, while U.S. West Texas Intermediate crude rose 18 cents, or 0.3%, to $65.16.

According to National Iraqi News Agency, U.S. Commerce Secretary Howard Lutnick announced Tuesday evening, at the conclusion of two days of intensive negotiations in London with China, that U.S. and Chinese officials had agreed on a framework to lift reciprocal trade measures and resolve issues related to Chinese export restrictions on rare earth minerals and magnets.