Oil steadied on Thursday amid optimism that the United States and China could re...
LONDON - Oil steadied on Thursday amid optimism that the United States and China could resolve their trade dispute, though prices came under pressure from Saudi Arabia’s moves to restore output quickly after attacks on its oil installations.
U.S. President Donald Trump on Wednesday signaled that a resolution to the dispute with China might be near, which could eventually boost fuel demand. Trump and Japanese Prime Minister Shinzo Abe also signed a limited trade deal that would open Japanese markets to $7 billion of U.S. products annually.
“News on the U.S.-China front was positive yesterday, albeit without materially affecting oil prices.”Prices were weighed down by a surprise 2.4 million barrel build in U.S. crude inventories last week and a faster than expected recovery of Saudi output after the drone and missile strikes on two of its oil-processing plants.
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