Oil climbs on US-China trade deal hopes, OPEC’s deepening supply cuts
SINGAPORE: Oil prices rose on Monday as supply tightened amid output cuts by producer club OPEC and as the United States and China were reported to be close to signing a trade deal that would end a tariff row that has slowed global economic growth.
International Brent futures were at $65.39 a barrel at 0416 GMT, up 32 cents, or 0.5 per cent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $56.08 per barrel, up 28 cents, or 0.5 per cent.
The rally came on reports that the United States and China are close to ending their trade disputes, which have weighed on global economic growth.
