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Oil rises on hopes of trade deal and OPEC supply cuts
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Oil prices rose on Monday, supported by OPEC output cuts and reports that the United States and China are close to an agreement to end the bitter-fee dispute that has curbed global economic growth.
Brent crude for global trade was $ 65.25 a barrel by 0713 GMT, up 18 cents, or 0.3 percent, from the latest settlement.
US crude <LCOc1> was $ 55.94 a barrel, up 14 cents, or 0.3 percent.
The price hikes come after reports that the United States and China are close to ending their fruitless trade dispute a year ago.
A source familiar with the talks said on Sunday the two countries appeared to have come close to an agreement that would eliminate US fees for at least $ 200 billion worth of Chinese goods, with pledges from Beijing for structural economic changes and the cancellation of tariffs imposed in retaliation for US goods.
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