Oil prices rose on Thursday buoyed by the long-anticipated signing of an initial Sino-US trade deal that sets the stage for a jump in Chinese purchases of American energy products, while US crude inventories fell more than expected.
Brent was 30 cents, or 0.5 per cent, higher at $64.30 a barrel by 0754 GMT, while US crude was up by 30 cents, or 0.5 per cent, at $58.11 a barrel.
Under the so-called Phase 1 deal to call a truce in a trade war between the world’s two biggest economies, China committed to buying over $50 billion more of US oil, liquefied natural gas and other energy products over two years.
