Oil prices hold above $63 on US-China trade deal optimism, Opec meet
Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week’s gains.
Brent crude futures, which rose 1.3% last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8% last week.
Oil rose on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, although worries about increasing crude supplies capped prices.
“In the short term, U.S.-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for,” Margaret Yang, an analyst at CMC Markets, said.
