An oil rig is seen in the waters on the southern coast of Pengerang, Malaysia, Feb 26, 2019.
Brent crude futures were up 63 cents at US$65.70 per barrel by 1313 GMT. US West Texas Intermediate crude futures were up 55 cents at US$56.35 per barrel. Hopes of an end to the trade spat between the two world’s biggest economies added support to a market that has been rallying for the past two months on cuts to production.
In the United States, there are signs that the oil production boom of the past years, which has seen crude output rise by more than 2 million bpd since early 2018 to more than 12 million bpd, may slow down.
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