Oil rises to two-month high on hopes of longer OPEC cuts, U.S.-China trade deal - Reuters

Oil rises to two-month high on hopes of longer OPEC cuts, U.S.-China trade deal - Reuters:

Oil prices rose more than 2% on Thursday to the highest in nearly two months following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020 and fresh signs that China had invited U.S. trade negotiators for a new round of talks.

Brent crude LCOc1 ended the session up $1.57, or 2.5%, at $63.97 a barrel, while West Texas Intermediate (WTI) crude CLc1 settled up $1.57, or 2.8%, to $58.58. 


WTI touched a session high of $58.67 a barrel, the highest since Sept. 23 and Brent climbed to a high of $64.03, the highest since Sept. 24.

To support oil prices, the Organization of the Petroleum Exporting Countries and its allies are likely to extend output cuts to June when they meet next month, according to OPEC sources.