Oil rises on hopes for deeper OPEC output cuts, US-China trade talks
Oil prices climbed early on Friday, building on gains in the previous session, after the Organization of Petroleum Exporting Countries (OPEC) hinted at making deeper cuts in supply while optimism was revived over talks between the United States (US) and China to end their trade war.
International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent at $59.10 a barrel on Thursday.
US West Texas Intermediate (WTI) crude futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent higher at $53.55 a barrel.
