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.
