Oil rises on trade deal progress, OPEC cuts supply

Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-US trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.

Brent crude was up 16 cents, or 0.2 per cent , at $67.36 a barrel by 0155 GMT.

West Texas Intermediate was up 20 cents, or 0.3 per cent , at $61.31 a barrel.

“Oil prices continue to show year-end strength supported by a combination of definitive progress on the US-China trade deal, the Dec OPEC/OPEC+ agreement, and slowing shale activity,” said Stephen Innes, chief Asia market strategist at AxiTrader.