Oil prices hovered around three-month highs on Monday following a higher-than-ex...
SINGAPORE - Oil prices hovered around three-month highs on Monday following a higher-than-expected crude inventory drawdown and optimism over an expected U.S-China trade deal, while traders kept a close eye on Middle East unrest.
West Texas Intermediate crude futures CLc1 edged up 1 cent to $61.73 a barrel by 0210 GMT. The U.S. benchmark is up about 36% so far this year. China’s Commerce Ministry said on Sunday that it is in close touch with the United States on the signing of a long-awaited trade deal. In the Middle East, protesters on Saturday forced the closure of Iraq’s southern Nassiriya oilfield, while United States carried out air strikes on Sunday in Iraq and Syria against the Kataib Hezbollah militia group.
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