Oil rises after Trump-Kim summit

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Oil prices rose in line with global markets after US President Donald Trump said the Singapore summit with North Korean leader Kim Jong-un had made “great progress”, boosting hopes for an agreement to end the nuclear standoff on the Korean Peninsula.

But signs of growing output from top producers Russia, the United States and Saudi Arabia have curbed price gains.

Traders said the activity was also calm ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies on June 22, which may determine the policy of production of several major producers.

Brent crude futures were $ 76.55 a barrel, up 9 cents, or 0.1 percent, from the previous close.

US crude oil futures for the week were $ 66.24, up 14 cents, or 0.2 percent.

Global markets rose after Trump said his closely watched meeting with Kim on Tuesday had made “significant progress” and was “very positive indeed” after his signing and Kim was close to talks as part of efforts to end the nuclear standoff on the Korean Peninsula.

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