Global Oil Market Experiences Rise in Oil Price

Oil prices rise on trade deal hopes as OPEC cuts supply

Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China appeared close to a deal that would roll back U.S. tariffs on at least 200 billion dollar worth of Chinese goods. International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. Supply from OPEC fell to a four year low in February according to a router survey as top exporter, Saudi Arabia and allies over delivered on the group's supply pact.