The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.
Negotiations between China and the USA concluded Wednesday in Beijing, and results will be announced soon, according to Chinese foreign ministry spokesperson Lu Kang. -China talks raised hopes of easing trade tensions between the two superpowers, while OPEC-led crude output cuts also provided support. If a "REAL" deal with China is possible, the USA will "get it done", Trump tweeted shortly after his dinner with Jinping last month.
The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.
US and Chinese envoys extended trade talks into a third day Wednesday after President Donald Trump said negotiations aimed at ending a tariff war were "going very well!".
Some analysts say that China Pyongyang's key diplomatic ally and main source of trade could use Kim's visit as a bargaining chip in the U.S. trade talks.
"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Mr Ross said in an interview with CNBC.
Asked if that meant the talks had been hard, Lu said: "I can only say that extending the consultations shows that the two sides were indeed very serious in conducting the consultations".
Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports over complaints Beijing steals or pressures companies to hand over technology.
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Washington wants Beijing to change plans for government-led creation of Chinese leaders in robotics and other advanced technologies.
"We have shown our sincerity, we have established our stand in this, so we don't need other actions to gain the confidence of the US".
The U.S.is looking to crack down on China's business practices, including allegations of technology theft along with slashing the trade deficit and getting more access to Chinese markets.
Both sides have otherwise not made any official statements on the outcome of the talks. Washington, Europe, Japan and other trading partners say those violate Beijing's market-opening obligations.
Trump has been demanding China to drastically reduce the $375 billion trade deficit and ensure IPR production for United States technology and services. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.
Six months after Trump first slapped tariffs on Chinese goods, signs are growing that the trade war is exacting an economic and financial cost, increasing the incentive for both sides to end the conflict. Forecasters expect American orders to slump this year.
Chinese growth fell to a post-global crisis low of 6.5 per cent in the quarter ending in September. "There is the potential for Q2 USA crude exports to Asia to be higher year-on-year if the WTI/Brent spread remains in the range it has in recent months and with the lower freight rates", Reuters quoted a Genscape oil analyst, David Arno, as saying.