Brent Crude hits 3-month high at over $67 a barrel

Brent crude on Thursday went over $67 a barrel, logging a three-month high on the back of a US-China trade deal and expectations of supply cut by the Organisation of Petroleum Exporting Countries (OPEC).

Mumbai: The global benchmark Brent crude on Thursday went over $67 a barrel, logging a three-month high on the back of a US-China trade deal and expectations of supply cut by the Organisation of Petroleum Exporting Countries (OPEC).

Brent Crude was up 0.31 per cent to $67.41 a barrel, while the West Texas Intermediate (WTI) traded higher by 0.16 per cent at $61.21a barrel.

Earlier this month, US President Donald Trump announced that the US and China will have a signing ceremony for phase 1 of their trade agreement, seen as signalling a partial end to their long-standing trade war.

India imports over 80 per cent of its total oil requirements. It is also in the midst of a massive economic slowdown and a sharp rise in retail inflation.