Brent hits new 2019 high on US-China trade talk hopes

Oil prices rose on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.

International Brent crude futures hit a new 2019 high of $67.60 a barrel, up 53 cents from Thursday’s close.

Further gains were tempered by US crude oil production hitting a record 12 million barrels per day (bpd) and a surge in exports from the country. By 1125 GMT, US West Texas Intermediate (WTI) crude oil futures were up 51 cents at $57.48 per barrel but still shy of this week’s $57.55 per barrel 2019 high.

The broad outline of a possible US-China trade deal was beginning to emerge from talks between the two countries, sources told Reuters on Thursday.