Doha: Oil prices extended gains for the second day in a row, rising by about 2 percent, supported by hopes of a trade agreement between the United States, China, and India. Brent crude futures increased by $1.19, or 1.9 percent, reaching $62.51 a barrel, while US West Texas Intermediate (WTI) crude rose to $58.48 a barrel, an increase of $1.24, or 2.2 percent.

According to Qatar News Agency, US President Donald Trump recently expressed optimism about reaching a fair trade agreement with Chinese President Xi Jinping. The two leaders are scheduled to meet in South Korea next week. Discussions are also progressing between the United States and India, as they near a long-awaited trade agreement. This agreement is expected to reduce US tariffs on Indian imports from 50 percent to between 15 and 16 percent.