Baghdad: Oil continued its gains for the second day in a row, rising by about 2%, supported by hopes of a trade agreement between the United States, China, and India.

According to National Iraqi News Agency, Brent crude futures rose $1.19, or 1.9%, to $62.51 a barrel, while US West Texas Intermediate crude rose to $58.48 a barrel, up $1.24, or 2.2%.

US President Donald Trump mentioned on Monday that he “expects to reach a fair trade agreement with Chinese President Xi Jinping,” whom he plans to meet in South Korea next week. This development comes as the United States and India are close to concluding a long-awaited trade agreement that would reduce US tariffs on Indian imports from 50% to between 15% and 16%.