Oil rises on U.S.-China hopes and improved outlook - Reuters

Oil rises on U.S.-China hopes and improved outlook - Reuters:

Oil prices rose on Monday, buoyed by an improved outlook for crude demand as better-than-expected U.S. jobs growth added to market hopes a preliminary U.S.-China trade deal would be reached this month.

Brent crude futures for January LCOc1 settled at $62.13 a barrel, up 44 cents, or 0.7%. December U.S. crude futures CLc1 rose 34 cents, or 0.6%, to end at $56.54 a barrel.

Market optimism about progress in U.S.-China trade negotiations propelled U.S. stock indexes to record highs on Monday, elevating oil. Energy shares .SPNY gained the most of the 11 major S&P 500 sectors.

Chinese President Xi Jinping and U.S. President Donald Trump have been in continuous touch through “various means,” China said on Monday, when asked when and where the two leaders might meet to sign a trade deal.