Oil prices climbed on Thursday, settling at their highest in more than a week, as traders attempted to make sense of conflicting news reports around U.S.-China trade talks and parsed OPEC's monthly assessment of global supply and demand.
West Texas Intermediate crude for November delivery rose 96 cents, or 1.8%, to settle at $53.55 a barrel on the New York Mercantile Exchange—the highest front-month settlement since Oct. 1, according to Dow Jones Market Data. The global benchmark, December Brent crude gained 78 cents, or 1.3%, to end at $59.10 a barrel on ICE Futures Europe, for the highest finish since Sept. 30.
On Thursday, President Donald Trump said in a tweet that he plans to meet with Chinese Vice Premier Liu He on Friday. That provided an added boost to oil prices.
That followed a report Wednesday from Bloomberg News that the White House could implement a previously agreed upon currency deal with China ahead of schedule, and suspend tariff hikes due to take effect next week. The New York Times reported that President Donald Trump greenlighted issuing licenses to some U.S. companies to conduct business with Chinese telecom giant Huawei Technologies.
Source : Marketwatch