Oil rises on US-China trade deal hopes, OPEC’s ongoing supply cuts

SINGAPORE (Reuters): Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth. 

International Brent futures were at $65.36 a barrel at 0446 GMT, up 29 cents, or 0.5%, from their last close. 

US West Texas Intermediate (WTI) crude futures were at $56.07 per barrel, up 27 cents, or 0.5%. 

The rally followed reports that the United States and China are close to ending their bitter year-long trade dispute. 

The two countries appear close to a deal that would roll back US tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on US goods, a source briefed on negotiations said on Sunday in Washington. 

Hopes of an end to the trade spat between the two world’s biggest economies added support to a market that has been rallying for the past two months on cuts to production.