Oil prices rise nearly 2% on positive global cues

Oil prices rose on Monday, the last trading day of the year, taking cues from firmer stock markets and easing US-China trade standoff.

By 12.20pm Riyadh time, international benchmark Brent crude futures were trading up nearly $1, or 1.8 percent, at $54.19 per barrel, while the US West Texas Intermediate (WTI) crude futures were up 71 cents, or 1.6 percent, to $46.04 a barrel.

US President Donald Trump said on Twitter on Saturday that he had a “long and very good call” with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.

Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million barrels per day starting in January to clear a supply overhang and prop up prices.