Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute. The price of crude has gained about 20 percent this year, driven primarily by the prospect of a decline in oil supply from OPEC and other top exporters such as Russia.
“This rally that we’re seeing over the last two to three days is completely justified when you put the predicted OPEC production cuts into your global oil supply and demand equation,” Tamas Varga of PVM Oil Associates said.
Brent crude futures were up 87 cents at $64.48 a barrel by 1222 GMT, off a session high of $64.81, while U.S. crude futures rose 52 cents to $54.42 a barrel. Read More