2019.11.2509:01:00UTC+00Oil Holds Steady On Trade Deal Hopes

Oil prices held steady on Monday after both Washington and Beijing made positive comments on the potential for a trade deal between them.

Benchmark Brent crude edged up marginally to $62.39 a barrel, while West Texas Intermediate (WTI) crude futures were up 0.15 percent at $57.85 a barrel.

China has offered to raise penalties on intellectual property violations in an attempt to hammer out a partial trade deal with the United States.

U.S. national security adviser Robert O'Brien said an initial trade deal was still possible by the end of the year.

A tabloid run by the ruling Communist Party's official People's Daily discounted "negative" media reports and said both countries were "very close" to a phase one trade deal.

China also remains committed to continuing talks for a phase two or even a phase three deal with the United States, the state-backed Global Times said on its Twitter feed.

Investors shrugged off a landslide victory of the pro-democracy camp in the Hong Kong district council election.

Hong Kong is a part of China "no matter what happens", Chinese Foreign Minister Wang Yi said today after meeting with Japanese Prime Minister Shinzo Abe in Tokyo. On Saturday, Wang called the U.S. the "biggest destabilizing element."

Meanwhile, it is expected that existing oil output cuts will be extended until mid-2020 when the Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna.