Oil nears three-month high as trade hopes, UK election boost sentiment - Reuters

Oil nears three-month high as trade hopes, UK election boost sentiment - Reuters:

Oil rose on Friday to its highest in nearly three months as investors cheered progress in resolving the U.S.-China trade dispute and a decisive general election result in Britain.

Washington and Beijing announced a “Phase one” agreement that reduces some U.S. tariffs in exchange for increased Chinese purchases of American farm goods. 


Brent LCOc1 futures, the global benchmark, gained $1.02, or 1.6%, to settle at $65.22 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 89 cents, or 1.5%, to $60.07.

Both contracts settled at their highest since Sept. 16, up a little over 1% for the week.