Oil rises on hopes for Opec supply curbs, new optimism on US-China trade deal

TOKYO: Oil prices posted early gains as Opec’s outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month.

Optimism that the United States and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was “getting close”, citing what he called very constructive discussions with Beijing.

Brent crude futures were up 30 cents, or 0.5 per cent, at $62.58 a barrel by 0147 GMT, having dropped 9 cents on Thursday.