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Oil rises 1% due to OPEC cuts and hopes of easing trade tension between China and America
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Oil prices rose 1 percent on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed that the cartel's output fell sharply last month, easing concerns about a prolonged oversupply.
Analysts said financial markets, including the oil market, were supported by a report in the Wall Street Journal on Thursday that Washington was considering raising tariffs on Chinese imports in whole or in part.
US WTI hit $ 52.70 a barrel by 0660 GMT, up 63 cents, or 1.2 percent, from the previous settlement.
London Brent crude futures rose 66 cents, or 1.1 percent, to $ 61.84 a barrel.
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