Crude prices traded higher on Monday

Crude prices were higher on Monday after news that the U.S. and China could be close to a trade deal and signs that American oil rigs are slowing production.

West Texas Intermediate crude futures rose 47 cents, or 0.84%, at $56.27 a barrel.

Brent crude futures, the benchmark for oil prices outside the U.S., traded up 55 cents, or 0.85%, to $67.39, backing off of $65.62 which was also its best level in three months.

In other energy trading, gasoline futures gained 1.03% to $1.7481 a gallon by 7:45 AM ET (12:45 GMT), while heating oil advanced 0.69% to $2.0149 a gallon.

Traders are concerned that the prolonged trade dispute would have a negative impact the world’s two largest economies – particularly on China, the largest oil importer – debilitating demand for the commodity.

Lastly, natural gas futures inched up 0.03% to $2.860 per million British thermal unit.

Related Posts