Oil prices rise as Trump says summit with Kim ‘better than anybody could have expected’

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The United States, US President, Donald Trump has disclosed that a historic summit with the North Korean leader, Kim Jong Un on Tuesday had gone “better than anybody could have expected”, and they would sign a document following talks on ways to end a nuclear standoff on the Korean peninsula.

Kim stood silently alongside Trump as he spoke to media during a post-lunch stroll through the gardens of the Singapore hotel where the summit was held, but the North Korean leader had earlier described their meeting as a “a good prelude to peace”.

“A lot of progress – really very positive. I think better than anybody could have expected. Top of the line, very good. We’re going now for a signing,” Trump told journalists, without giving details on what would be signed.

Meanwhile, oil prices rose alongside global markets in response to the talks. Brent crude futures were trading at 76.55 dollars a barrel at 0547 GMT.

U.S. West Texas Intermediate, WTI, crude futures were at 66.24 dollars a barrel.

Markets were held back by signs that output is rising from top producers Russia, the United States and Saudi Arabia.

Traders said activity was also muted ahead of a meeting between the Organisation of the Petroleum Exporting Countries, OPEC, and some of its allies on June 22.

The meeting may determine the crude production policy of several major producers.

Global markets rose after Trump said a closely watched summit with Kim on Tuesday had made “a lot of progress”.

Should both leaders succeed in making a diplomatic breakthrough, it could bring lasting change to the security landscape of Northeast Asia, like the visit of former U.S. President Richard Nixon to China in 1972 led to the transformation of China.

Both men had looked serious as they got out of their limousines for the summit at the Capella hotel on Singapore’s Sentosa, a resort island with luxury hotels, a casino, man-made beaches and a Universal Studios theme park.

But, with cameras of the world’s press trained on them, they displayed an initial atmosphere of bonhomie as they met on the verandah of the Capella, a refurbished 19th century British regimental officers’ mess.

After a handshake, they were soon smiling and holding each other by the arm, before Trump guided Kim to the library where they held a meeting with only their interpreters. Trump had said on Saturday he would know within a minute of meeting Kim whether he would reach a deal.

Inside, they sat alongside each other against a backdrop of North Korean and U.S. flags, with Kim beaming broadly as the U.S. president gave him a thumbs up.

The combatants of the 1950-53 Korean War are technically still at war, as the conflict, in which millions of people died, was concluded only with a truce.

After initial exchanges lasting around 40 minutes, Trump and Kim emerged, walking side-by-side through the colonnaded hotel before entering a meeting room, where they were joined by their most senior officials.

Kim was heard telling Trump through a translator: “I think the entire world is watching this moment. Many people in the world will think of this as a scene from a fantasy…science fiction movie.”

Asked by a reporter how the meeting was going, Trump said: “Very good. Very, very good. Good relationship.”

Kim also sounded positive about the prospects.

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