Oil prices hit highest in 3 months as US-China trade deal takes shape
Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.
Brent futures climbed 48 cents, or 0.8 per cent, to $64.68 a barrel by 0221 GMT, its highest since Sept. 23.
West Texas Intermediate (WTI) crude was up 36 cents, or 0.6 per cent, to $59.54 a barrel, the highest since Sept. 16.
While a trade deal that would end uncertainty could provide a shot in the arm for oil demand in the near term, concerns continue to hover about the demand profile amid ample supplies going forward.
