Oil gains ahead of U.S.-China trade deal, snapping four-day decline - Reuters

Oil gains ahead of U.S.-China trade deal, snapping four-day decline - Reuters:

Global oil benchmark Brent crude rose 1% to near $65 a barrel on Tuesday, snapping four straight days of declines on easing Mideast tensions as the United States and China, the world’s top energy consumers, prepared to sign a preliminary trade deal.

Brent crude gained 65 cents to $64.85 per barrel by 1311 GMT. U.S. West Texas Intermediate crude futures rose 52 cents or 0.9% at $58.60 a barrel.

The outlook for oil demand was supported ahead of the signing at the White House on Wednesday of a Phase 1 U.S.-China trade deal, which marks a major step in ending a dispute that has cut global growth and dented demand for oil.

China has pledged to buy more than $50 billion in energy supplies from the United States over the next two years, according to a source briefed on a trade deal.