Boosted by hopes of a trade agreement between China and the United States

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      Oil prices rose nearly 1% Thursday on expectations that the United States and China are close to an agreement on a continuing trade dispute. The dispute raised concerns about global oil demand.
Brent crude rose $0.48 to close at $64.20 a barrel. US crude oil futures rose $0.42 to close at $59.18 a barrel.
Trump tweeted Thursday that the US is "very close" to finalising a trade agreement with China. It is reported that the United States is considering delaying or possibly canceling the tariff measures originally scheduled to take effect on December 15.
After the release of the tweet, oil prices immediately received a new boost, but the price of crude oil futures fell.
"It's hard to draw conclusions from the latest news," said gene mcgillian, vice president of market research at tradition energy. "It looks close, but we're all waiting for an agreement."
Late Thursday, a source close to the talks said the United States had reached a "first stage" trade agreement with China. The White House is expected to make a statement later Thursday, the source said.
The organization of Petroleum Exporting Countries (OPEC) said on Wednesday that Saudi Arabia had taken measures to limit production before the latest supply agreement with other oil producing countries came into effect, and expected a small supply gap in the oil market next year, indicating that the market would be tighter than previously expected.


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