Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 5, 2018. Benjamin Lowy | Getty Images News | Getty Images
Oil prices rose slightly Monday on hopes energy demand will benefit from the trade deal between the United States and China announced last week, but prices remained below the previous session’s three-month highs.
Brent crude oil futures rose 16 cents to $65.37 a barrel, while West Texas Intermediate crude rose 14 cents to settle near a three-month high of $60.21 a barrel.
On Friday, Washington and Beijing announced a “phase one” agreement. U.S. officials said some tariffs would be reduced in exchange for a big jump in Chinese purchases of American farm products and other goods.
Progress on trade could boost oil demand, but the market is still weighing the merits of the deal, said Phil Flynn, an analyst at Price Futures Group in Chicago. Read more…