"Positive commentary about a possible US and China interim trade deal certainly helps, but the fundamentals are supportive," said Virendra Chauhan, Oil Analyst at Energy Aspects in Singapore, pointing to an improved demand outlook.
"Six million barrels per day of refining capacity is due to return from turnarounds across November and December," he said.
On the supply side, Goldman Sachs also cut its 2020 forecast for growth in US oil production, which has surged in recent years. The investment bank cut its growth forecast for next year by 100,000 barrels per day (bpd) to 600,000 bpd over 2019.
"We expect US oil growth to decelerate into 2020 as many companies look to balance growth with capex," Goldman Sachs said.
Elsewhere, US data showed that crude inventories at Cushing, the delivery point for WTI, fell about 1.2 million barrels in the week to Nov. 8, traders said, citing market intelligence firm Genscape.
Cushing inventories had grown for five weeks in a row through Nov. 1, according to government data. Demand growth may pick up in 2020 after a year of dashed expectations amid the US-China trade war, Fitch Solutions Macro Research analysts said in a new report.
"Our data show that 2019 will mark the nadir of oil demand growth over the next five years," Fitch Solutions said.
"We forecast demand to (grow) by around 0.5% this year, rising to 0.8% in 2020," the report said, although it added that "trade and political risks remain extremely elevated.