By Henning Gloystein
SINGAPORE (Reuters) – Oil prices rose on Monday, raised by production cuts by the producer club OPEC, and reports that the US and China are close to an agreement for to end a bitter gig that has weakened global economic growth.
International futures were $ 65.36 per barrel at 0446 GMT, up 29 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate (WTI) raw futures were $ 56.07 per barrel, up 27 cents, or 0.5 percent.
The rally followed reports that the United States and China are close to ending their bitter year-long trade dispute.
The two countries appear close to an agreement that will roll back US tariffs of at least $ 200 billion of Chinese goods, as Beijing promises structural economic changes and eliminates retribution rates on US goods, a source of Sunday negotiations in Washington said.
Hope for an end to the trade cluster between the two world's largest economies contributed to a market that has gone down over the past two months on cuts to production.
Supply from the Oil Exporting Organization (OPEC) fell to a four-year low in February, found a Reuters survey, as top exporter Saudi Arabia and its allies handed over to the Group's supply pact while Venezuelan production recorded additional involuntary decl
"OPEC exports have ended with over 1
"The supply picture looks generally tighter this year, says Fitch Solutions energy analysts in a note on Monday, adding that they expected Brent to average $ 73 a barrel in 2019.
Oil prices have been further pushed up by US sanctions against OPEC members Iran and Venezuela, which Barclays bank estimates have resulted in a reduction of around GBP 2 million in worldwide commodity supply.
In the United States, there is evidence that the oil production boom in recent years, which has seen crude production more than 2 million bpd since the early 2018 to over 12 million bpd, slowly
US energy companies last week cut the number of oil rigs looking for new reserves at the lowest for nearly nine months as some manufacturers follow through on plans to cut spending despite an increase of 20 percent in raw futures so far this year.
Despite this, Barclays said "we think it can be a repeat performance in the second half of this year "for US oil exit.
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