Brent crude, the global benchmark, rose 55 cents, or 0.9%, to settle at $62.29 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 1.4%, to $57.15. The bigger rise in WTI cut Brent's premium over the U.S. benchmark to its smallest since mid September.
NEW YORK: Oil rose above US$62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.
China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.
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