Oil prices rose on Thursday after the United States and China signed an eagerly awaited Phase 1 trade deal, giving some relief to markets, but gains were capped as the International Energy Agency said it expected oil production to outstrip demand.
Brent was 36 cents, or 0.6 per cent, higher at $64.36 a barrel by 0941 GMT, while US crude was up by 22 cents, or 0.4 per cent, at $58.03 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 buy over $50 billion more of US oil, liquefied natural gas and other energy products over two years.
