Oil prices rise on US-China trade deal hopes and improved outlook
Oil prices rose $1 a barrel on Monday, buoyed by an improved outlook for crude demand as better-than-expected U.S. jobs growth added to market hopes a preliminary U.S.-China trade deal would be reached this month.
Brent crude futures for January rose $1.03, or 1.7% to $62.72 a barrel by 10:26 a.m. CST (1613 GMT). December U.S. crude futures was up $1.10 cents, or almost 2%, at $57.30 a barrel.
Brent traded near its highest in more than a month as market optimism about progress in U.S.-China trade negotiations propelled U.S. stock indexes to record highs, helping to elevate oil.
Chinese President Xi Jinping and U.S. President Donald Trump have been in continuous touch through “various means,” China said on Monday, when asked when and where the two leaders might meet to sign a trade deal.
