International oil prices hit its two-month high after Bloomberg reported that China was planning on offering to buy US products to balance the trade deficit between the two largest economies in the world. According to the report, Beijing has offered to import American products worth $1 trillion over a span of six years to reduce the trade surplus that now stands at $323 billion to zero by 2024.

The news increased optimism on the economic outlook of the two countries and the world in general, which translates to an increased demand for oil in the near future. The possibility of a rise in demand for fuel pushed the international benchmark Brent crude oil futures by 2.5 percent to $62.68 per barrel and US West Texas Intermediate (WTI) crude futures ended higher by 3.3 percent at $53.80 a barrel, its best closing price since 21 November 2018. The two benchmarks increased by around 4 percent this week which is their third consecutive weekly gains after a three-month collapse in crude prices.

Fuel prices across the country were according hiked today. Petrol prices per litre rose to Rs 70.72 in Delhi, Rs 76.35 in Mumbai, Rs 72.82 in Kolkata and Rs 73.41 in Chennai. Diesel price per litre was raised to Rs 65.16 in Delhi, Rs 68.22 in Mumbai, Rs 66.94 in Kolkata and Rs 68.82 in Chennai.