Oil prices firm as optimism returns to U.S.-China trade talks

Oil prices firm as optimism returns to U.S.-China trade talks

Oil prices rose today on hopes of progress toward a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw in U.S. crude inventories.

Brent crude oil was up 20 cents at $63.85 at 0958 GMT. WTI crude rose 19 cents to $58.20, Reuters reported.

Analysts at J.P. Morgan expect that OPEC+ may extend the output cuts until the end of 2020, the bank said in a note.

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