Oil prices climbed on the last trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first yearly decline in three years amid lingering concerns of a persistent supply glut.
Hints of progress on a possible U.S.-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook.
Brent crude futures – the international benchmark for oil prices – rose 56 cents, or 1.1 percent, to $53.77 a barrel by 0420 GMT. Brent declined nearly 20 percent in 2018 following two years of growth.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.77 a barrel, up 44 cents, or 1 percent, from their last close. WTI is down about 24 percent this year.
Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week.
“Investors are looking for bargains in an illiquid market (today)……
Source: News Agency of Nigeria
