Oil rises more than 1 percent on OPEC-led supply cuts, trade talk hopes

By  Trend

Oil prices climbed by more than 1 percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilize markets as well as hopes that long-running Sino-American trade tensions could ease, Trend reports citing Reuters.

International Brent crude oil futures LCOc1 Were at $60.89 per barrel at 0212 GMT, up 69 cents, or 1.15 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.25 per barrel, up 60 cents, or 1.2 percent.