Oil hits three-month high as trade hopes, UK election lift sentiment

• Oil rose to its highest in nearly three months on Friday as progress in resolving the U.S.-China trade dispute and Britain’s general election result appeared to lift two clouds that have been hanging over investor risk appetite.
• U.S sources said on Thursday that Washington has set its terms for a trade deal with Beijing, offering to suspend some tariffs on goods and cut others in exchange for Chinese purchases of more American farm goods.
• Brent crude, the global benchmark LCOc1, climbed to $65.22 a barrel, the highest since Sept. 23, and as of 1135 GMT was up 99 cents at $65.19. U.S. West Texas Intermediate crude CLc1 gained 74 cents to $59.92.
• The 18-month trade war has been a dampener for oil prices, while uncertainty around Brexit has also weighed. Britain’s ruling Conservative Party won a large majority in Thursday’s general election, giving it the power to take the country out of the European Union.

(Source: Reuters)