Oil hits 3-month highs on upbeat U.S. and Chinese economic data

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Oil prices rose on Friday, hitting three-month highs, as upbeat economic data from China and the United States indicated an end to the trade war between Washington and Beijing has restored confidence in the global growth.

Brent crude was up 29 cents, or 0.4%, at $68.21 a barrel at 0903 GMT.

The West Texas Intermediate was up 24 cents, or 0.4%, at $61.92 a barrel, according to Reuters.

Volume of oil trade remained thin in the Christmas holidays and New Year breaks.

Data on Friday showed profits at China’s industrial firms rose at the fastest pace in eight months in November.

Among sectors, the chemical, petroleum processing and steel industries reported recovering profits last month due to rebounding market demand and rising prices amid easing trade hostilities with Washington.

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