Oil keeps upward trend in a climate of optimism

Oil closed Tuesday for the seventh consecutive session as optimism remained for the reduction of Saudi exports and trade negotiations between China and the United States.

The Brent barrel of the North Sea for March closed at $ 58.72 in the London market after earning $ 1.39.

In the New York market the barrel of "light sweet crude" (WTI) for February rose 1.26 dollars to 49.78.

After collapsing last month amid fears over oversupply and slower global economic growth, the price of black gold rebounded after Opec and other big producers decided to cut production.

On Tuesday, "markets continued to react to encouraging data showing that Saudi Arabia is working to reduce its exports and its output," said John Kilduff of the firm Again Capital.

The prices also benefited this Tuesday from comments by President Donald Trump that indicated that the trade negotiations with China are going "very well" although he did not give specific details.