Oil rises further above $65 on trade hopes, supply cuts - Reuters

Oil rises further above $65 on trade hopes, supply cuts - Reuters:

Oil prices rose more than 1% on Tuesday, supported by hopes the U.S.-China trade deal will bolster oil demand in 2020 after a prolonged dispute between the world’s two largest economies dented global market sentiment.

The Phase 1 agreement between the United States and China has been “absolutely completed,” Larry Kudlow, a top White House adviser, said on Monday, predicting U.S. exports to China will double under the deal.

Brent crude LCOc1 futures gained 76 cents, or 1.2%, to settle at $66.10 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 73 cents, or 1.2%, to settle at $60.94 a barrel.

The Phase 1 agreement does not mean tensions are going to fully dissipate anytime soon, Dallas Fed President Robert Kaplan said on Tuesday.