Oil up 1.5% on trade optimism, OPEC deal

By Jeff Davies

Crude prices traded in the green on Friday, boosted by the trade optimism in the stocks market as investors rekindled hopes that the United States and China might reach a trade agreement after it was announced that the trade talks will continue next week.

Investment incentives were generally higher despite the release of worse-than-expected ISM data in the US from yesterday that indicated a slowdown in manufacturing activity.

Meanwhile, market watchers also continued to hope that the new output cut deal between the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers will stabilize the market and the reduce the global oversupply in oil.

West Texas Intermediate for February delivery rose 1.64%, changing hands for $47.87 per barrel at 8:26 am GMT while the international benchmark Brent for settlements in March gained 1.39% to trade for $56.73 per barrel at 8:27 am GMT.

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