Oil prices near three-month highs on U.S.-China trade deal - Reuters

Oil prices near three-month highs on U.S.-China trade deal - Reuters:

Oil prices on Monday held near three-month highs, supported by last week’s announcement that an initial trade deal had been reached between the United States and China. 

Brent crude oil futures LCOc1 rose 17 cents or 0.3% to $65.39 a barrel by 0940 GMT, while West Texas Intermediate crude CLc1 was up 10 cents or 0.2% to $60.17 a barrel.

The United States and China announced on Friday a “phase one” agreement that will reduce some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of U.S. farm products and other goods.

“What the market needs now, though, is clarity around exactly what the deal entails,” analysts from ING Economics said. “The longer we have to wait for this detail, the more likely market participants will start to question how good a deal it actually is.”