Oil holds firm

LONDON. – Oil prices held near three-month highs yesterday, supported by last week’s announcement of an initial trade deal between the United States and China.

Brent crude oil futures LCOc1 were up 19 cents, or 0,29 percent, to $65,41 a barrel by 1305 GMT, while West Texas Intermediate crude CLc1 was up a cent, or 0,02 percent, to $60,08 a barrel.

The United States and China announced on Friday a “phase one” agreement that will reduce some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of US farm products and other goods. “What the market needs now, though, is clarity around exactly what the deal entails,” analysts from ING Economics said. “The longer we have to wait for this detail, the more likely market participants will start to question how good a deal it actually is.” – Reuters.

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