MTECHTIPS;-Oil hovers near 3-month high on trade optimism, supply cuts

MTECHTIPS;-Oil hovers near 3-month high on trade optimism, supply cuts

MTECHTIPS-Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline and set to stoke oil demand in the world's biggest economies. Brent crude oil futures LCOc 1 had slipped by three cents to $65.31 a barrel by 0122 GMT, while West Texas Intermediate crude CLc 1 was down 4 cents to $60.17 a barrel. Under a partial trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese purchases of agricultural, manufactured and energy products increasing by about $200 billion over the next two years. the partial trade deal leaves most of the tariffs in place, it marks a turning point in the dispute which will eventually lead to fully fledged agreement," analysts from ANZ Bank said in a note on Tuesday. The so-called 'Phase One' trade deal between both countries has been "absolutely completed", Larry Kudlow, a top White House adviser said on Monday, adding that U.S. exports to China will double under the agreement. agreement is yet to be signed and several Chinese officials told Reuters the wording of the agreement remained a delicate issue, with care was needed to ensure expressions used in text did not re-escalate tensions and deepen differences

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