Global oil prices strengthen, extending market momentum

Oil prices rose on Tuesday, with both U.S. and global benchmarks posting gains as traders pushed crude higher on the New York and London exchanges.

The West Texas Intermediate for March delivery climbed 1.7 percent to close at 63.21 U.S. dollars a barrel on the New York Mercantile Exchange.

Meanwhile, Brent crude for March delivery gained 1.6 percent to settle at 67.33 U.S. dollars a barrel on the London ICE Futures Exchange.

The rally keeps oil prices elevated compared with recent trading ranges.

Chinese President Xi Jinping awarded Serbian President Aleksandar Vucic the Friendship Medal of the People's Republic of China in Beijing on Monday.

As solemn music played and the golden doors slowly opened, Xi and Vucic entered the hall together, followed by Xi's wife Peng Liyuan and Vucic's wife Tamara Vucic.

Applauding guests rose to their feet, and paid respect to the two heads of state.

A Guard of Honor escorted the Friendship Medal into the hall, and amid solemn music, Xi formally presented the medal to Vucic.

Xi highlighted Vucic's long-standing commitment to advancing China-Serbia friendship and underscored the significance of the honor.

"President Vucic has long stayed committed to China-Serbia friendship, and he has always given China the firmest and clearest support on issues concerning China's core interests and major concerns. He gains the respect from the Chinese people. This medal is not only a high recognition of President Vucic's contributions to bilateral friendship, but also carries the earnest expectations of both peoples for building a China-Serbia community with a shared future in the new era," Xi said.

The Friendship Medal is China's highest state honor for foreigners, reserved for those who have made outstanding contributions to China's modernization drive, promoting exchange and cooperation between China and the world, and safeguarding world peace.

At the invitation of Xi, Vucic is on a state visit to China from Sunday to Thursday, with this marking his first state visit to China and his ninth trip to the country overall.