Market News
Oil prices hit multi-week highs amid US-China trade talks - REUTERS
Summary
- US and China hold trade talks in London
- Potential trade deal could boost oil demand
- China's crude imports hit four-month low in May
NEW YORK, June 9 (Reuters) - Oil prices hit multi-week highs on Monday, buoyed by a weaker U.S. dollar, while investors awaited news from U.S.-China trade talks in London in hopes a deal could boost the global economic outlook and subsequently fuel demand.
Brent crude futures settled 57 cents higher, or 0.9%, to $67.04 a barrel. During the session, the benchmark rose to $67.12 a barrel, the highest since April 28.
U.S. West Texas Intermediate crude rose 71 cents, or 1.1%, to $65.29. The contract reached $65.38 a barrel during the session, the highest since April 4.
A weaker U.S. dollar gave some support to oil prices, as the dollar index (.DXY) dropped 0.3%, making oil cheaper for holders of other currencies. Last week, Brent rose 4% and WTI gained 6.2% as the prospect of a U.S.-China trade deal boosted risk
