Oil prices rose about 2 percent on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut.
Hints of progress on a possible U.S.-China trade deal with U.S. President Donald Trump saying he had a “very good call” with Chinese President Xi Jinping helped bolster sentiment for oil.
Brent crude futures rose $1.04, or about 2 percent, to $54.25 a barrel by 0740 GMT. Brent declined nearly 19 percent in 2018 following two years of growth.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.