"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", Ross said Monday in an interview with the American cable TV network CNBC.
"Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the USA and China", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
It is unclear if Beijing will yield to key USA demands over trade imbalances, market access, and more protection for intellectual property.
Still, talks between the world's two biggest economies have repeatedly yielded no breakthroughs since they started in May, and Beijing has repeatedly said it won't cave to US demands.
Lu Kang, spokesman for China's foreign ministry, said on Monday that Chinese military aircraft and naval vessels were dispatched to identify the USA vessel and warn it to leave the area near the disputed Paracel Islands in the South China Sea, claimed by China.
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China heralded an agreement in the last week of December between China and the U.S.to hold another round of in-person meetings in January, the meetings that are now occurring this week.
Mr Ted McKinney, US under secretary of agriculture for trade and foreign agricultural affairs, said the US trade delegation is "wrapping up" meetings with Chinese officials and will return to the US later on Wednesday after a "good few days".
State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.
Optimistic investors are placing their bets on the stock market once again, boosted by the United States' and China's latest attempt to resolve their trade war.
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.
A new year, a new round of talks between the USA and China.
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The second day of trade negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un for talks with Xi in Beijing, amid speculation of a second meeting between Kim and Trump.
Even so, Lu said, "China's development has ample tenacity and huge potential".
"On whether this operation will affect the ongoing trade talks between the two sides, I believe proper resolution of trade disputes is conducive to the world".
Another photo shows a wider view of dozens of officials from each country seated at three long tables facing each other and around the room's borders, significantly more people than those attending previous rounds of U.S.
He is expected to meet chief U.S. Trade Representative Robert Lighthizer later this month.
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