London — Oil prices rose on Monday, buoyed by Opec output cuts and reports that the US and China are inching closer to a deal on a tariff row that has slowed global economic growth. International Brent futures were up 80c at $65.87 a barrel by 10.37am GMT. US West Texas Intermediate (WTI) crude futures were up 55c at $56.35 a barrel. The US and China appear close to a deal that would roll back US tariffs on at least $200bn worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on US goods, a source briefed on negotiations said on Sunday in Washington. Hopes of an end to the trade spat between the two world’s biggest economies added support to a market that has been rallying for the past two months on cuts to production. Supply from Opec fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its allies over-delivered on the group’s supply pact while Venezuelan output registered a furthe...

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