Oil prices on Monday held near three-month highs, supported by last week’s announcement that an initial trade deal had been reached between the United States and China.
Brent crude oil futures rose 17 cents or 0.3% to $65.39 a barrel by 0940 GMT, while West Texas Intermediate crude was up 10 cents or 0.2% to $60.17 a barrel.
The United States and China announced on Friday a “phase one” agreement that will reduce some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of U.S. farm products and other goods.
The Friday agreement averted additional tariffs on Chinese goods totalling $160 billion that the United States was set to impose over the weekend.
Source : Reuters