Oil prices held on to three-month highs on Monday, underpinned by optimism over ...
LONDON - Oil prices held on to three-month highs on Monday, underpinned by optimism over an expected China-U.S. trade deal and upbeat industrial data, while traders kept a close watch on the Middle East following U.S. air strikes in Iraq and Syria.
West Texas Intermediate crude futures CLc1 rose one cent to $61.73 a barrel by 0940 GMT. The U.S. benchmark is up about 36% so far this year. Tensions in the Middle East have flared up as the United States carried out air strikes on Sunday against the Kataib Hezbollah militia group, while protesters in Iraq on Saturday briefly forced the closure of its southern Nassiriya oilfield.
Oil prices were also supported by declining U.S. crude stocks, which fell by 5.5 million barrels in the week to Dec. 20, far exceeding a 1.7-million-barrel drop forecast in a Reuters poll.
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