Brent Crude hits 3-month high at over $67 a barrel
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 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 sharp rise in retail inflation.