Oil Futures Extend Rally on Trade Optimism

Oil futures rise for a fourth straight session on improved sentiment after the U.S. and China agreed to cut tariffs for 90 days to allow time for trade talks, which has eased concerns about loss of demand at a time when OPEC+ is raising output.

Prices got additional lift from a Republican House budget proposal to earmark $1.3 billion to buy oil for the U.S. Strategic Petroleum Reserve, and from President Trump's call on Iran to reach a nuclear deal or face maximum pressure, Mizuho's Robert Yawger says in a note.

Tomorrow's U.S. inventory report is in view, with the EIA expected to report a 1.8 million barrel decline in crude stocks, according to a Wall Street Journal survey of analysts.