Oil prices hold near 3-month highs on US-China trade deal progress
Oil prices held steady near three-month highs on Friday on the back of easing Sino-U.S. trade tensions that have weighed on demand as well as the global economic growth outlook.
Brent futures rose 2 cents, or 0.03%, to 66.56 a barrel by 0145 GMT, while U.S. West Texas Intermediate crude was down 9 cents, or 0.15%, at $61.09 per barrel.
Both benchmarks were still on track for a third consecutive weekly rise.
Progress in a long-running trade dispute between the United States and China, the world’s two biggest oil consumers, has boosted expectations for higher energy demand next year.
China on Thursday announced a list of import tariff exemptions for six oil and chemical products from the United States, days after the world’s two largest economies announced an interim trade deal.
