Oil extends gains on prospect of deeper OPEC output cuts, trade talks hopes
Oil prices rose early on Friday, building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.
International benchmark Brent crude futures were at $59.34 a barrel by 0034 GMT, up 24 cents, or 0.4%, from their previous settlement. Brent settled up 1.3% at $59.10 a barrel on Thursday.
West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.37%, from their last close to $53.74 per barrel. In the previous session, WTI settled 1.8% higher at $53.55 a barrel.
