Oil prices rally on the back of US-China talks and supply cuts from major producers

January 7, 2019 (MLN): Oil prices inched up by more than 1 percent on Monday, primarily by virtue of optimism resulting from talks between the United States and China to resolve the trade war, while supply cuts by major producers also backed the market.

Brent crude futures were at $57.75 per barrel at 0404 GMT, up 69 cents, or 1.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.67 per barrel, up 71 cents, or 1.5 percent.

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Posted on: 2019-01-07T10:41:00+05:00

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