Oil headed for its first weekly gain this month as trade war news continued to whipsaw the market against the backdrop of rising U.S. stockpiles and a weakening global demand outlook.
West Texas Intermediate crude for September delivery rose 61 cents, or 1.1%, to $55.08 a barrel on the New York Mercantile Exchange as of 7:44 a.m. in London. The contract is up 1.1% this week.
Brent for October settlement added 59 cents, or 1%, to $58.82 on the ICE Futures Europe Exchange, taking its weekly advance to 0.5%. The global benchmark traded at a $3.85 premium to WTI for the same month.
Source : Bloomberg