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Oil prices rise to more than $ 65

Oil prices rose Monday, backed by OPEC output cuts and reports that the United States and China are close to an agreement to end the bitter fee dispute that has inhibited the growth of the global economy.

Brent crude for global trade was $ 65.25 a barrel by 0713 GMT, up 18 cents, or 0.3 percent, from the latest settlement.

US crude <LCOc1> was $ 55.94 a barrel, up 14 cents, or 0.3 percent.

The price hikes come after reports that the United States and China are close to ending their fruitless trade dispute a year ago.

A source familiar with the talks said on Sunday the two countries appeared to be close to an agreement that would eliminate US tariffs on Chinese goods worth at least $ 200 billion, with pledges from Beijing for structural economic changes and the abolition of fees imposed in retaliation for US goods. Source