Oil extends gains on trade deal hopes

Oil prices surged today, to shrug off the International Energy Agency's report and extend gains after upbeat remarks that spurred hopes about the US-China trade file.

The International Energy Agency stated that the OPEC-Plus agreement to cut output will not prevent the build in global supply, as the agency expects that global stockpiles will increase by about 700K barrels per day during Q1, 2020.

President Donald Trump said today that the US is getting very close to a big deal with China", and expressed that China wants it, and so does the US.

Otherwise, the dollar index held against a basket of major currencies by at 97.3 points as of 17:03 GMT, after it hit an intraday high of 97.5 and a low of 97.04.

West Texas Intermediate (WTI) rose by 1% to $59.3 a barrel as of 16:57 GMT, with a high of $59.7 and a low of $58.7.

Brent jumped 1.1% to $64.4 a barrel, after hitting a high of $64.8 and low of $63.8.