Oil prices edge up on US-China trade-talk hopes and Opec cuts
Opec-led crude supply cuts support oil prices but US crude output from shale drilling could already be above 12-million bpd
London — Oil prices rose slightly on Tuesday, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while oil cartel Opec-led supply cuts also tightened markets. International Brent crude futures gained 55c to $57.88 a barrel by 9.45am GMT. US West Texas Intermediate (WTI) crude oil futures also climbed 55c, to $49.07 per barrel. “I think there’s a very good chance that we will get a reasonable settlement that China can live with, that we can live with,” US commerce secretary Wilbur Ross said on Monday as officials from both countries held talks to end the spat. Some analysts warned, however, that the relationship between Washington and Beijing remained shaky and that tensions could soon flare anew. “Surely, there will be more twists and turns in the saga and increasing US tariffs on Chinese goods after March from 10% to 25% cannot be excluded,” Tamas Varga of PVM Oil Associates said. “For no...
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