Oil reaches three-month highs, supported by low U.S. inventories, trade progress - Reuters:
Oil prices reached the highest level in three months in thin pre-Christmas trading on Thursday, buoyed by the previous day’s news that U.S. crude inventories declined and as U.S.-China trade tensions continued to ease.
Brent crude futures rose 37 cents to settle at $66.54 a barrel, gaining for the sixth straight day.
U.S. West Texas Intermediate (WTI) crude rose 29 cents to settle at $61.22 a barrel.
Trading volume was thin, with oil headed for a third consecutive weekly rise. Prices were buoyed by China’s Dec. 13 decision to cancel a plan to impose additional tariffs on U.S. imports on Dec. 15 and the Phase 1 deal between Washington and China, which has eased trade tensions.
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