2018.11.1905:32:00UTC+00Oil Prices Rise On Supply Cut Talk

Oil prices rose on Monday amid expectations that top exporter Saudi Arabia will push OPEC and allies to cut supply towards year-end.

Global benchmark Brent crude oil rose 0.13 percent to $66.85 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.80 percent at $56.91 per barrel.

Last week, Saudi Arabia expressed the need for oil producers to cut 1 million barrels a day from October levels to help reduce oil supply in 2019 amid an expected slowdown in demand growth.

In addition, Russian Energy Minister Alexander Novak said on Monday that the country was planning to sign a partnership agreement with the group and the deal would be discussed at OPEC's Dec. 6 meeting in Vienna. It is expected that the new partnership format will come in force from January 1.

Despite today's gains, oil prices fell about by a quarter from four-year highs in early October, weighed down by worries about global oversupply and the slowdown in demand amid a protracted U.S.-China trade war.

U.S. President Donald Trump said Friday that China wants to make a deal on trade with the United States, but any pact has to be reciprocal.

Trump's comments helped raise hopes that the U.S. and China will agree on at least "a deal to get a deal" when Trump and Chinese President Xi Jinping meet in Argentina later this month.

The optimism quickly faded after U.S. Vice President Mike Spence said the U.S. would not back down from its trade dispute, until China changes its ways.