Oil Ticks Up Slightly as Tentative US-China Hopes Lend Support

Oil prices inched up slightly on Monday after rising expectations of a US-China trade deal boosted benchmarks in the previous session. 
Brent crude futures for January rose 15 cents to $61.84 a barrel, erasing earlier losses. December US crude futures also swung back into positive territory, rising 11 cents to $56.31 a barrel, CNBC reported.
Chinese President Xi Jinping and US President Donald Trump have been in continuous touch through “various means”, China’s Foreign Ministry said Monday, when asked when and where the two leaders might meet to ink a trade deal.
Prices had jumped about $2 a barrel on Friday after the world’s top two economies said they had made progress on trade talks while US officials said the deal could be signed this month.
Capping gains, euro zone factory activity contracted sharply last month as demand was whacked by the trade war and by the continued lack of clarity over Britain’s departure from the European Union, a survey showed.
In a bid to prop up oil prices, production cuts by the Organization of the Petroleum Exporting Countries, Russia and other producers since January have reduced oil output by 1.2 million barrels per day.
Still, Russia again exceeded its output target in October, energy ministry data showed Saturday.
OPEC’s output recovered in October from an eight-year low after a rapid rebound in Saudi Arabia’s production from attacks on its oil infrastructure in September offset losses in Ecuador and voluntary cuts under the pact.