Oil prices pressed higher on Monday as signs of supply reductions and hopes that the U.S. and China may resolve their trade dispute spurred bets of a market rebalancing, sparking a recovery in crude following one of the worst annual declines in three years.
New York-traded West Texas Intermediate crude futures rose 35 cents, or 0.63%, at $56.33 a barrel by 9:34 AM ET (14:34 GMT). That was off the intraday peak of $56.73, its best level since November of last year.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 3 cents, or 0.05%, to $66.28. The intraday high of $66.84 was also its best level since last November.