Crude recovered some lost ground in Asian trading Thursday after President Donald Trump sounded a more positive note on the prospects for a trade deal with China.
Futures in New York rose 0.4%, after ending Wednesday down 1.4% to the lowest since before the Sept. 14 bombardment of Saudi Arabian oil installations. State oil producer Aramco has boosted total capacity to more than 11 million barrels a day, according to people with knowledge of the situation, a week earlier than forecast. Losses were checked after Trump said the trade dispute with China could be resolved “sooner than you think,” while also agreeing a limited trade deal with Japan.
West Texas Intermediate for November delivery was up 21 cents to $56.70 a barrel on the New York Mercantile Exchange as at 8:28 a.m. Sydney time. November WTI settled Wednesday 1.4% lower at $56.49 a barrel.
Brent for the same month closed down 1.1% to $62.39 on the ICE Futures Europe Exchange.
Source : Bloomberg