WASHINGTON (dpa-AFX) - Crude oil prices rose on Thursday amid easing worries about outlook for energy demand on hopes the U.S. and China will soon sign the phase one trade deal.
Recent data showing a drop in crude inventories in the U.S. last week contributed as well to oil's uptick.
West Texas Intermediate crude oil futures for January expired at a three-month closing high of $61.22 a barrel, gaining $0.29, or about 0.5%, for the session.
Brent crude oil futures ended at $66.54 a barrel, gaining $0.37.
On Wednesday, WTI crude oil futures for January ended a penny down at $60.93 a barrel.
Oil was also supported by the decision of Organization of the Petroleum Exporting Countries and non-OPEC producers to deepen production cuts by a further 500,000 barrels per day from Jan. 1. This will be on top of existing reductions of 1.2 million barrels per day.
Meanwhile, on the trade front, China has announced a list of United States chemicals that will be exempted from import tariffs starting Dec. 26. This comes under a week after Beijing and Washington agreed a 'phase one' trade deal.
Traders largely shrugged off the vote in the U.S. House to impeach President Donald Trump.
On Wednesday, the United States House of Representatives voted largely along party lines to impeach Trump for abuse of power and obstruction of Congress.
Republicans currently hold a 53 to 45 majority in the Senate, with two Democratic-leaning independents, and removing Trump from office would require a two-thirds vote in favor.
Several Senate Republicans have already indicated they will not vote to remove Trump from office even before the Senate holds its trial on the House charges.
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