WTI crude oil prices continue to trade steady near three-month highs over ongoing optimism surrounding the US-China phase one trade deal. At the time of writing, WTI crude oil is trading at around $61.06 per barrel.

WTI crude oil is all set for a third consecutive weekly gain this week as markets eagerly look forward to the US and China coming together to sign the partial trade deal soon. Such a trade deal will help dispel some tensions in global markets about increased tariffs and slowdown in manufacturing as well as in demand.

On Thursday, China published a list of oil and chemical products’ imports from the US on which it planned to exempt tariffs, marking some progress towards the phase one deal. Crude oil also remains supported over encouraging forecasts for global oil demand growth in 2020, as well as OPEC’s decision to implement deeper supply cuts to curb weakness in oil prices and an unexpected drop in US crude inventories during the previous week.