Oil has risen to the most in more than a week as the preliminary trade truce between the US and China fans optimism about economic growth.

Futures rose as much as 1.4pc in New York.

Under the settlement between the world’s largest economies, China pledged to increase purchases of US commodities.

The landmark deal helped fuel a record-setting rally in American equities.

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The trade deal “was clearly supportive”, said Michael Hiley, head of OTC energy trading with LPS Partners.

West Texas Intermediate (WTI) crude for February delivery advanced 64 cents to $58.45 (€52.50) a barrel yesterday on the New York Mercantile Exchange after earlier rising the most since January 8.

Brent for March settlement rose 59 cents to $64.59 on the ICE Futures Europe exchange.

The global benchmark crude traded at a $6.18 premium to WTI for the same month.

Bloomberg

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