Hope that US-China talks can ease trade tension lifts oil
Brent edges higher on optimism that trade talks at the G20 meeting can aid the global economy and improve the demand outlook
Seoul/Singapore — Oil prices ticked higher on Thursday on optimism that trade talks at the Group of 20 (G20) meeting could aid the global economy and improve the demand outlook, while an increase in US crude inventories to their highest in a year curbed gains. US crude futures rose 38c, or 0.8%, to $50.67 a barrel by 3.38am GMT. The market ended the previous session down 2.5% at $50.29 a barrel, after hitting the lowest since early October last year. International benchmark Brent crude rose 27c, or 0.5%, to $59.03 a barrel, having dropped 2.4% on Wednesday to $58.76 a barrel. Both markets rose more than 1% in early Asian trade. “We have seen huge increases in supply and the demand picture is in question. However, we might see some movement on global trade issues at the G20 meeting which starts on Friday,” said Michael McCarthy, chief strategist at CMC Markets and Stockbroking. “I think we are seeing some positioning ahead of those potential demand-positive events.” Investors in comm...
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