Oil prices rose nearly 2% on Thursday following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020, while fresh signs emerged that China had invited U.S. trade negotiators for a new round of talks.
Brent crude was up 97 cents, or 1.6%, at $63.37 a barrel by 11:45 a.m. ET (1645 GMT), while West Texas Intermediate (WTI) crude rose 98 cents, or 1.
7%, to $57.99.
U.S. crude futures touched a session high of $58.28 a barrel and Brent climbed to a high of $63.78, both the highest since Sept. 24.