Oil prices rise on trade deal hopes, OPEC supply cuts

Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.

International Brent futures were at $65.25 a barrel at 0713 GMT, up 18 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $55.94 per barrel, up 14 cents, or 0.3 percent.

The rally followed reports that the United States and China are close to ending their year-long trade dispute.

The two countries appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday in Washington.

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