Oil extended gains above $60 a barrel on signs the world’s second-largest economy is stabilizing, and as investors hope for a breakthrough in U.S.-China trade talks that will resume this week.
Crude futures rose as much as 0.6 percent in New York, after capping their strongest quarter since 2009. China’s manufacturing PMI, the first official economic gauge for March, eased worries over the global economic outlook and boosted sentiment across financial markets. Chinese Vice Premier Liu He is set to travel to Washington to meet U.S. negotiators from Wednesday, as well as have a sit-down with President Donald Trump.
Oil rallied 32 percent in the first quarter as Saudi Arabia led the Organization of the Petroleum Exporting Countries and its allies in squeezing supplies to prevent a glut. The trade war between the world’s two biggest economies and signs of slowing global economic growth has limited further gains.
West Texas Intermediate for May delivery gained 35 cents to $60.49 a barrel on the New York Mercantile Exchange at 12:17 p.m. in Singapore. The contract rose 1.4 percent to $60.14 on Friday. It climbed the most since June 2009 last quarter.
Brent for June settlement was 0.8 percent higher at $68.12 on the London-based ICE Futures Europe exchange. The global benchmark crude was at a premium of $7.47 to WTI.
Source : Bloomberg