With some oil companies laying off people, crude oil closes above $60 a barrel.

According to the Midland Reporter-Telegram, it stems from reports of a partial truce in the US-China trade war.

The news of the truce was short lived after President Trump tweeted that existing levies will remain intact toward China.

That did not hurt the prices at all with West Texas Intermediate which closed at $60.07 a barrel, up 89 cents.