Oil prices have risen due to fresh hints over trade deal prospects between the US and China and OPEC production cuts expectations.
Brent crude futures increased by 11 cents to $63.41 a barrel while West Texas Intermediate (WTI) crude rose by 21 cents at $57.93 a barrel, reported Reuters.
CMC Markets market analyst Margaret Yang said that the crude inventories price was mostly flat to its previous closure.
Yang was quoted by the news agency as saying: “In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for.”
China’s state media Xinhua said that trade deal talks between the US and China were made via phone on Saturday.
China’s central bank cut short-term funding rate today, the first such cut in four years.
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The Organization of the Petroleum Exporting Countries (OPEC) said that it expected demand for its oil to decrease next year.
OPEC+ members have reduced output by 1.2Mbpd from January.
A deal between the producers has limited supplies until March next year. They are set to meet in Vienna, Austria, next month to review the output policy.
Last week, US energy firms reduced the number of oil rigs operating for a straight fourth week, cutting ten oil rigs in the week that ended on 15 November.