Oil prices rise, but set for decline

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China. [Photo: Reuters]

SINGAPORE- Oil prices edged higher on the last trading day of the year on Monday, taking a cue from firmer stock markets, but remain on track for the first yearly decline in three years amid concerns of a supply glut.

Hints of progress on a possible US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook.