Oil prices hit multi-week highs amid US-China trade talks
Oil prices hit multi-week highs on Monday, buoyed by a weaker U.S. dollar, while investors awaited news from U.S.-China trade talks in London in hopes a deal could boost the global economic outlook and subsequently fuel demand.
Brent crude futures settled 57 cents higher, or 0.9%, to $67.04 a barrel. During the session, the benchmark rose to $67.12 a barrel, the highest since April 28.
U.S. West Texas Intermediate crude rose 71 cents, or 1.1%, to $65.29. The contract reached $65.38 a barrel during the session, the highest since April 4.
A weaker U.S. dollar gave some support to oil prices, as the dollar index (.DXY), opens new tab dropped 0.3%, making oil cheaper for holders of other currencies.
Last week, Brent rose 4% and WTI gained 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors.
"Much of this advance appears technically driven and such rallies can easily subside without new bullish headlines," analysts at energy advisory firm Ritterbusch and Associates said in a note. "Much attention will be given to the ongoing U.S.-China trade talks."
U.S. President Donald Trump and China's leader Xi Jinping spoke by telephone on Thursday before U.S. and Chinese officials met in London on Monday to calm trade tensions between the two nations.
Source: Reuters
