Oil prices rose above $64,50 a barrel yesterday, 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 43 cents, or 0,67percent, at $64,63 per barrel by 1036 GMT.
US West Texas Intermediate crude futures rose 32 cents or 0,4 percent at $58,40 a barrel.
The outlook for oil demand was supported ahead of the signing at the White House today of a Phase 1 US-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. — Reuters.