Oil prices edged higher on Friday, with crude benchmarks poised for multi-week g...
TOKYO - Oil prices edged higher on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month.
Brent crude was up 17 cents, or 0.3%, at $61.12 a barrel by 0408 GMT, while U.S. West Texas Intermediate crude was up 16 cents, or 0.3%, at $56.46 a barrel.Beijing and Washington on Thursday agreed to hold high-level talks in early October in Washington, cheering investors hoping for an end to the trade war between the world’s two biggest economies that has brought tit-for-tat tariff hikes, chipping away at economic growth.
“Upside potential for crude oil futures will remain limited, however, as strong U.S. production and demand-side concerns cap bullish gains for the current term,” said Benjamin Lu, commodities analyst at Phillip Futures in Singapore. U.S. crude and product inventories fell last week, with crude drawing down for a third consecutive week despite a jump in imports, the Energy Information Administration said.
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