SINGAPORE: Oil prices rose about 2 percent on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut.Hints of progress on a possible U.S.-China trade deal with U.S. President Donald Trump saying he had a "very good call" with Chinese President Xi Jinping helped bolster sentiment for oil.Brent crude futures rose $1.04, or about 2 percent, to $54.25 a barrel by 0740 GMT. Brent declined nearly 19 percent in 2018 following two years of growth.U.S. West Texas Intermediate (WTI) crude futures were at $46.11 a barrel, up 78 cents, or 1.7 percent, from their last close. "It was the bailout of Iran that really pricked the bubble that was the crude oil market," said Sukrit Vijayakar, director of energy consultancy Trifecta. "For the immediate future, in the absence of anything new, the first pressure point for oil markets would come around May 2019 or a month or so earlier when the 'extensions of (Iran)waivers' would be discussed.

Source: The Star December 31, 2018 07:52 UTC