Oil prices edged higher Tuesday, gaining in four of the past five sessions, amid hopes that trade talks between China and the U.S. will ultimately result in a deal that sustains global economic growth and energy demand, especially if OPEC restrains production.
The market got a slight nudge higher after a report from Russian news agency TASS, citing three sources tied to the Organization of Petroleum Exporting Countries, said the cartel and its major partners, including Russia, are mulling extending a oil production-cut deal for three to six months after its March 2020 expiry.
West Texas Intermediate crude futures for January delivery closed up 40 cents, or 0.6%, at $58.41 a barrel on the New York Mercantile Exchange. January Brent crude the global benchmark, gained 62 cents, or 0.9%, at $64.27 a barrel on ICE Futures Europe.
Soiurce : Marketwatch