2020.01.1709:25:00UTC+00Oil Prices Inch Up On Growth Optimism

Oil prices inched higher on Friday amid optimism that a more conciliatory approach on trade between the United States and China will help revive growth.

A raft of Chinese economic data either met or beat analyst estimates, fueling hopes of an uptick in demand.

Benchmark Brent crude edged up 0.3 percent to $64.81 per barrel, while U.S. crude futures were up 0.2 percent at $58.62.

The formal signing of the Sino-U.S. trade agreement on Wednesday helped remove a degree of near-term uncertainty as U.S. President Donald Trump heads into a re-election campaign.

Under the Phase 1 deal, China will purchase $50 billion worth of U.S. energy products over the next two years.

In another development, the U.S. Senate on Thursday approved a revamp of the 26-year-old North American Free Trade Agreement that includes tougher rules on labor and automotive content.

On the data front, China's GDP data came in line with expectations and there was growth in industrial output and retail sales, suggesting the world's second-biggest economy ended the year on a firmer note.

In the whole year of 2019, China's gross domestic product grew 6.1 percent, which was well within the target of 6-6.5 percent.