Brent Above $60 as Trade Talks Buoy Longest Rally Since 2017 - Bloomberg

Brent Above $60 as Trade Talks Buoy Longest Rally Since 2017 - Bloomberg:

Brent oil extended its longest rally in a year and a half, rebounding above $60 a barrel, on hopes of a resolution in the U.S.-China trade dispute.

Futures in London -- which last traded over $60 in December -- are up for an eighth session, recovering from a 35 percent collapse in the last quarter of 2018. U.S. President Donald Trump is said to be eager to strike a deal with China soon to perk up financial markets that have slumped on concerns over a trade war between the nations. Meanwhile, an industry report Tuesday was said to show American crude inventories declined.

Fears of a slowdown in oil demand are receding with an easing of the long-running trade tensions, which helped drag crude prices into a bear market after they hit a four-year high in October. Confidence is also strengthening that the Organization of Petroleum Exporting Countries and its allies including Russia will curb output enough to counter booming U.S. supplies and avoid an oversupply.