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Oil prices rose about 1 percent on Monday, with output cuts by Organization of the Petroleum Exporting Countries and growing optimism the United States and China will reach a trade agreement as soon as this month helping underpin investor sentiment.
Global benchmark Brent crude rallied 1.25 percent to 65.87 dollars a barrel, while U.S. West Texas Intermediate crude futures were up nearly 1 percent at $56.34 per barrel.
It appears that the U.S. and China are close to ending their bitter year-long trade dispute, with sort of agreement expected during a meeting between their two presidents later this month.
The Wall Street Journal reported Sunday that talks have progressed far enough that the two sides could reach a formal agreement at a potential meeting around March 27.
Investors also looked ahead to this week's session of China's ceremonial national legislature for announcements of possible economic stimulus to boost slowing growth.
According to a report released last week by the National Bureau of Statistics, activity in China's vast manufacturing sector continued to contract in February, and at a faster rate, underscoring concerns that the world's second-largest economy is losing momentum.