Tokyo — Oil prices climbed for the first time in three days on Wednesday, but rising supply and fear over the outlook for demand amid the US-China trade war kept pressure on the market. Brent crude futures had gained 47c, or 0.6%, to $76.38 a barrel by 4.41am GMT. They fell 1.8% on Tuesday, at one point touching their lowest since Aug. 24 at$75.09 a barrel. US West Texas Intermediate (WTI) crude futures advanced 16c, or 0.2%, to $66.34 a barrel on Wednesday. They dropped 1.3% the day before, after hitting their weakest since Aug. 17 at $65.33 a barrel. Both crude benchmarks have fallen about $10 a barrel from four-year highs reached in the first week of October, and are on track to post their worst monthly performance since July 2016. “Everyone thought we were going to go into the $90s, but now we are heading for the $60s,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo, referring to Brent prices. Oil has been caught in the global financial market slump in October, wi...
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