Oil climbs, lifted by U.S.-China trade deal hopes, OPEC cuts

Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.

Brent crude LCOc1 was up 28 cents, or 0.4 per cent, at 67.48 dollars a barrel by 0651 GMT.

West Texas Intermediate CLc1 was up 25 cents, also a 0.4 per cent gain, at 61.36 dollars a barrel.

“Oil prices continue to show year-end strength supported by a combination of definitive progress on the U.S.-China trade deal, the December OPEC and OPEC+ agreement, and slowing shale activity,” said Stephen Innes, chief Asia market strategist at AxiTrader.

“All of which is pointing to a stronger performance for oil prices in Q1 than anyone had thought only two months ago.”

U.S. President Donald…

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