Oil held its biggest gain in more than five months as OPEC and its allies edged closer to fixing a date for their next meeting and as the U.S. and China signaled trade talks would resume after a stalemate.
Futures were little changed in New York after climbing 3.8% higher on Tuesday, the most since early January. The OPEC+ group is close to agreeing their next meeting should be in Vienna on July 1-2, which would end a one-month dispute about when they should sit down to discuss production policy for the latter half of this year. The U.S. and China said their leaders will meet in Japan next week to relaunch trade talks, stoking a rally in financial markets.
West Texas Intermediate for July delivery added 5 cents to $53.95 a barrel on the New York Mercantile Exchange as of 10:46 a.m. Singapore time. Futures rose $1.97 to $53.90 on Tuesday, the biggest gain since Jan. 9.
Brent for August settlement slipped 5 cents to $62.09 a barrel on London’s ICE Futures Europe Exchange. Futures closed 2% higher at $62.14 on Tuesday. The global benchmark crude traded at a $7.93 premium to WTI for the same month.
Source : Bloomberg