Oil held gains near the highest close in eight weeks on signs of progress in the prolonged U.S.-China trade war, while Saudi Arabia set a valuation for Aramco's initial public offering.
Futures were little changed in New York after rising 1.7% on Friday to close at the highest since Sept. 23. Trade negotiators held “constructive discussions” in a phone call Saturday to address each side's core concerns surrounding a phase one deal. Saudi Arabia will sell just 1.5% of Aramco's shares and set a valuation target of $1.6 trillion to $1.71 trillion for its IPO.
WTI for December delivery rose 4 cents to $57.76 a barrel on the New York Mercantile Exchange as of 9:49 a.m. in Singapore. The contract added 95 cents to close at $57.72 on Friday, capping a second weekly gain.
Brent for January settlement climbed 1 cent to $63.31 a barrel on the London-based ICE Futures Europe Exchange. The contract rose $1.02 to close at $63.30 on Friday. The global benchmark crude traded at a $5.48 premium to WTI for the same month.
Source : Bloomberg