Oil prices climb amid U.S.-China trade talk optimism

USS Mc Campbell departs U.S. Fleet Activities Yokosuka and transits into Tokyo Bay

USS Mc Campbell departs U.S. Fleet Activities Yokosuka and transits into Tokyo Bay

"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues".

It appears trade talks between the USA and China are going well as reports suggest the two sides are getting closer on settling their differences.

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled worldwide markets.

Ross told CNBC the immediate trade issues would be easiest to tackle while enforcement issues and structural reforms, such as intellectual property rights and market access, would be more challenging to resolve.

The US team is led by deputy US trade representative Jeffrey Gerrish, and includes under secretaries from the US Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

The global economy has been suffering from the chilling effect of a trade war between the world's two largest economies.

China's Foreign Ministry spokesman Lu Kang later told a daily news briefing results will be released soon.

There was no immediate US response to the Chinese complaint.

US President Donald Trump boasted Tuesday that US-China trade negotiations were going "very well" as officials held talks in Beijing that will spill into a third day.

The two-day talks were scheduled to end Tuesday, but reports suggest meetings will continue beyond that.

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Hundreds of billions in levies.

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During that G-20 meeting - which took place in the early days of December in Buenos Aires - Xi agreed to a number of concessions in exchange for Trump agreeing to postpone a round of tariffs on Chinese goods.

But a United States government official told AFP on condition of anonymity that "the trade talks have continued today (Wednesday)", without providing more information.

U.S. Navy Destroyer, the USS McCampbell, conducted a freedom of Navigation operation (FONOP) in the South China Sea on Monday, Jan. 7, which quickly drew an angry response from Beijing. "China's development has ample tenacity and huge potential", Lu said.

An official Chinese newspaper warned Washington not to demand too much from Beijing as talks on ending their tariff war entered a second day Tuesday with no word on possible progress.

Liu's appearance at the talks is a "symbol of Xi's personal buy-in" in the effort to reach a deal, said Leland Miller, chief executive officer of China Beige Book, a data-analytics firm that surveys companies across the Chinese economy.

The Trump administration's calculus regarding how much to stress either increased purchases of U.S. goods, on the one hand, or structural reforms reflects a divide within the White House.

International Brent crude futures were up 69 cents, or 1.2 percent, at $59.41 per barrel.

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