Oil prices resumed their climb Thursday, heading for what could be the fourth gain in the past five sessions, a move that had pushed the contract to roughly five-month highs.
The upside was limited in part amid broader financial market cautiousness as investors eagerly await what could be a breakthrough in the trade negotiations between China and the U.S., though but the final leg of negotiations has proven the most contentious, analysts said.
In the early U.S. hours, West Texas Intermediate crude for May delivery on the New York Mercantile Exchange was up 5 cents, or 0.1%, at $62.52 a barrel. That's back within a few cents of a Tuesday finish at $62.58—its highest since Nov. 5.
The global benchmark, June Brent crude snapped back from Wednesday's loss to gain 7 cents, or 0.1%, at $69.39 a barrel. Its finish Tuesday, at $69.37 on the ICE Europe exchange, marked its highest close since Nov.12.
Source : MarketWatch