Oil edges higher for first time in three sessions
Brent is stronger as investors digest Donald Trump’s state of the union address, but concerns over the outlook for the global economy cap gains
Sydney — Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains. US West Texas Intermediate (WTI) crude futures were at $53.74 a barrel at 1.53am GMT, up 8c from their last settlement. They closed down 1.7% on Tuesday. International Brent crude oil futures were at $62.05 a barrel, up 7c, after closing down 0.8% in the previous session. Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening. With a nervous market, traders are focused on the US state of the union address by President Donald Trump. “Anything out of the state of the union that hints at the US-China deal not working out, or more anti-trade rhetoric would be a negative for energy prices as demand would be lower if global growth keeps being downgraded,” said Alfonso Esparza senior market analyst at Oanda. US sanctions on Venezuela have been viewed as ...
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