Oil prices rise on trade optimism

On Friday, oil prices increased as market optimism raised the mood of traders, Xinhua said.

According to a statement by the Chinese side on Friday, China and the United States agreed on the text of a Phase One Economic and Trade Agreement based on the principle of equality and mutual respect.

Of January settlement, the West Texas Intermediate rose $0.89 to close on the New York Mercantile Exchange at $60.07 a barrel.

Of settlement in February, Brent crude gained $1.02 to close a barrel on the London ICE Futures Exchange at $65.22.