Oil held gains near the highest in six weeks as investors remained optimistic the U.S. and China are moving closer to signing a trade deal.
Futures in New York were little changed after rising 5.6% over the past three sessions. China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet Donald Trump to sign the first phase of a trade deal, people familiar with the plans said. Optimism over a potential pact overshadowed an American Petroleum Institute report that showed U.S. stockpiles added 4.26 million barrels last week.
West Texas Intermediate for December delivery was down 9 cents to $57.14 a barrel on the New York Mercantile Exchange at 10:30 a.m. in Sydney.
WTI rose 69 cents to close Tuesday at $57.23, the highest for a front-month contract since Sept. 24.
Source : Bloomberg