Oil climbs, lifted by U.S.-China trade deal hopes, OPEC cuts - Reuters

Oil climbs, lifted by U.S.-China trade deal hopes, OPEC cuts - Reuters:

Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.

Brent crude LCOc1 was up 28 cents, or 0.4%, at $67.48 a barrel by 0651 GMT.

West Texas Intermediate CLc1 was up 25 cents, also a 0.4% gain, at $61.36 a barrel.

“Oil prices continue to show year-end strength supported by a combination of definitive progress on the U.S.-China trade deal, the Dec OPEC/OPEC+ agreement, and slowing shale activity,” said Stephen Innes, chief Asia market strategist at AxiTrader.