Oil prices firmed in Asian trading after the U.S. and China inked the first phase of a broader trade pact on Wednesday, largely recouping losses that followed a U.S. inventory report showing rising supplies.
Futures in New York were up 0.5%, after ending 0.7% lower Wednesday. China agreed to buy $52.4 billion of additional U.S. energy products as part of a landmark trade deal signed by the world’s two top economic superpowers. Gains were held in check by a near 15-million-barrel rise in U.S. petroleum inventories to their highest in four months, a sign of weak demand.
West Texas Intermediate crude for February delivery was up 31 cents at $58.12 a barrel on the New York Mercantile Exchange at 11:04 a.m. Sydney time.
Feb. WTI settled 42 cents lower to $57.81 a barrel Wednesday, after earlier falling to as low as $57.36.
Brent futures for March settlement ended 49 cents lower at $64 a barrel on the ICE Futures Europe exchange.
Source : Bloomberg