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Australian stocks reached their highest level in more than four months on Monday, bolstered by the hope that trade wars between the US and China could be resolved after constructive trade negotiations.
The ASX 200 index rose 0.5% to 6,095.70 at the time of writing and the benchmark closed higher on Friday.
Financial markets reacted to news that US and Chinese negotiators were making progress after the week-long high-level trade talks in Beijing.
Analysts say the gains were driven by commodities and the rest of the sectors remained optimistic about reaching an agreement between officials before the March 1 deadline.
Last week, US President Donald Trump said Friday that he could extend the deadline of March 1 and prevent the rise of tariffs on Chinese products. Optimism linked to trade tensions has also maintained mining stocks, with China being one of Australia's major trading partners.
Large BHP miners grew by 1.5%, while Rio Tinto grew by 2.1%.
Oil prices are the highest in 2019
Oil prices hit some of their highest prices on Monday, reaching their highest level in 2019, amid OPEC-led supply cuts and US sanctions on Venezuela and the United States. to Iran.
Santos Ltd and Oil Search were among the top winners, up 1.9% and 2.2% on Monday.
The price of crude WTI crude oil intermediate from the western United States reached $ 56 a barrel for the first time in 2019, before returning to $ 55.89 a barrel Monday at midday.
International Brent futures hit a high of $ 66.61 a barrel in 2019 on Monday before falling back to $ 66.47 a barrel.
Reference values for WTI and International Brent were the highest since November 2018.
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