Oil rises on trade deal optimism, OPEC cuts

Crude Oil and Energy
Oil prices rose on Thursday over a potential breakthrough in the US-China trade war and OPEC efforts to constrain supply amid thin trading in markets.

Brent crude was up 0.4% at $67.48/bbl. West Texas Intermediate was up 0.4% at $61.36/bbl.

US President Donald Trump said on Tuesday that he and Chinese President Xi Jinping will have a signing ceremony for the "Phase 1" agreement, Reuters reported.

Supply cuts by the Organization of Petroleum Exporting Countries (OPEC) and allies have also supported prices. OPEC+ recently agreed to extend and raise output cuts of as much as 2.1mn barrels per day (bpd).

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