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Oil Stays Above $60 Mark on U.S.-China Trade Accord Optimism

  • Manufacturing survey points to steady U.S. economic growth
  • WTI has gained about 9% this month, Brent is up almost 5%
A worker waits to connect a drill bit on Endeavor Energy Resources LP's Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas, U.S.

A worker waits to connect a drill bit on Endeavor Energy Resources LP's Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas, U.S.

Photographer: Bloomberg/Bloomberg
Updated on

Oil edged higher to settle at a three-month high on optimism that a partial trade deal between the world’s two largest economies will spur demand for fuel to power trucks, trains, airplanes and cars.

Futures closed above the $60-a-barrel mark for a second straight session Monday in New York. Bullish bets rose the most in three years in the days leading up to Friday’s announcement that China will buy more American farm products. The deal is expected to be signed and released publicly in early January.