NEW YORK: Oil prices were at the highest in more than three months on Thursday, buoyed by hopes of an end to the China-US trade fight and by a report showing lower US crude inventories.

Brent crude gained 48 cents to $67.68 a barrel by 11:22 am (1622 GMT). US West Texas Intermediate crude also gained 48 cents, to $61.59. Both benchmarks were their strongest since Sept 17. US President Donald Trump said on Tuesday he and Chinese President Xi Jinping would have a signing ceremony for the so-called Phase 1 agreement to end their trade dispute that was put together earlier this month.

The prospect of a signed deal boosted Wall Street to fresh highs, helping to support crude futures, which often to follow equities.

Published in Dawn, December 27th, 2019

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