Reuters: Oil gains as hopes build for OPEC supply curbs; new optimism on U.S.-China trade deal
Oil prices rose on Friday as OPEC's outlook for oil demand next year fueled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month.
Optimism that the United States and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was "getting close," citing what he called very constructive discussions with Beijing, Reuters said.
Brent crude futures were up 28 cents, or 0.5%, at $62.56 a barrel by 0441 GMT, having dropped 9 cents on Thursday.
West Texas Intermediate crude was up 28 cents, or 0.5%, at $57.05 a barrel, after falling 0.6% in the previous session.
The rosy mood came after the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday it expected demand for its oil to fall in 2020.
Many analysts said that supports the view among markets that there's a clear case for the group and other producers like Russia – collectively known as 'OPEC+' – to maintain limits on production that were introduced to cope with a supply glut.