Oil rates advance on Monday, opening the week on a major note after positive comments on the potential for a trade deal between the world’s top economies. The additional support came from upbeat domestic economic data, which eased investor concerns.
Brent February oil futures added 0.53 percent to $62.70 per barrel, while WTI January crude futures prices rose by 0.54 percent, to $58.08 per barrel at 8.16 GMT.
Monday’s price growth came after White House national security adviser Robert O’Brien said on Saturday that the “first phase” trade agreement with China has chances to be signed before the end of 2019.
Recall, a day earlier, U.S. President Donald Trump and Chinese Leader Xi Jinping expressed their readiness to sign the “first phase” trade deal and put an end to the 16-month tariff war, which led to a slowdown in global economic growth. However, Trump still has not decided whether he wants to make a deal, and Xi said he was not afraid to retaliate if necessary.