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Oil Prices Grow Amid Trade News and OPEC Production Cuts

Oil prices rise on Thursday in the hope of ending the U.S.-China trade war and thanks to OPEC efforts to limit global fuel supply.

Photo: Flickr

Brent crude oil rose 0.24 percent to $67.38 per barrel, WTI futures added 0.26 percent to $61.27 per barrel at 0903 GMT.

A spokesman for the Chinese Foreign Ministry confirmed that China is in close contact with the United States over the ceremony of signing of phase one trade deal.

The trade spat between the two world’s biggest economies has been going on for about 17 months, which has badly affected global economic growth and fuel demand, which is why oil is traded in a certain range for most of the year.

The decline in demand also pushed the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, to new crude production cuts.

Meanwhile, U.S. oil companies that are not participating in the OPEC agreement have boosted production to a record level, but many analysts predict that oil production in U.S. will slow down.