Oil rose near the highest level in almost three months after U.S. President Donald Trump signed off on a partial trade deal with China, giving a boost to the fragile outlook for global oil demand.
Futures climbed 1.1% to almost $60 a barrel in New York, and are on track for a slight weekly increase. The phase-one agreement averts new U.S. tariffs that were set to be introduced Dec. 15, although the legal text hasn’t been finalized, according to people familiar with the matter.
West Texas Intermediate for January delivery rose 64 cents to $59.82 a barrel on the New York Mercantile Exchange as of 10:35 a.m. London time, bringing this week’s gain to 1%.
Brent for February settlement added 1.3% to $65.01 a barrel on the London-based ICE Futures Europe Exchange. It’s up 1% for the week. The global benchmark traded at a $5.38 premium to WTI for the same month.
Source : Bloomberg