Tokyo — Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in US crude inventories and renewed concern over trade friction between the US and China. Brent crude futures were up 40c, or 0.6%, at $72.79 a barrel by 2.54am GMT, after dropping 2.5% on Wednesday. US West Texas Intermediate (WTI) crude futures increased by 30c, or 0.4%, to $67.96 a barrel. They fell 1.6% in the previous session. Oil prices are feeling the effects of ongoing tensions over global trade, with markets concerned about any slowdown in global growth. "A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range," said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney. US President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25% tariff on $200bn worth of Chinese imports. China said it would hit back if the US takes f...
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