Oil hovers near three-month highs on trade deal progress; set for third weekly rise
SEOUL - Oil prices held steady near three-month highs on Friday on the back of easing Sino-U.S. trade tensions that have weighed on demand as well as the global economic growth outlook.
Brent futures LCOc1 rose 2 cents, or 0.03%, to 66.56 a barrel by 0145 GMT, while U.S. West Texas Intermediate crude CLc1 was down 9 cents, or 0.15%, at $61.09 per barrel.Progress in a long-running trade dispute between the United States and China, the world’s two biggest oil consumers, has boosted expectations for higher energy demand next year.
“A world with less uncertainty was the real driver of the market optimism on the 2020 outlook,” ANZ Research said in a note. The Organization of Petroleum Exporting Countries and its allies including Russia agreed in early December to make a further cut of 500,000 barrels per day from Jan. 1 on top of previous reductions of 1.2 million bpd.
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