Oil prices edge up on U.S.-China trade optimism, but demand concerns cap
SEOUL (Reuters) - Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S.-China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand. Brent crude futures were at $59.10 a barrel by 0027 GMT, up 14 cents, or 0.2%, from their previous settlement.
SEOUL (Reuters) - Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S.-China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand.
Brent crude futures
U.S. West Texas Intermediate (WTI) crude
U.S. President Donald Trump on Monday said efforts to end a U.S. trade war with China were going well as negotiators from the two nations work to nail down a Phase 1 trade deal text for their leaders to sign next month when they meet at November's APEC summit.
"Commodity markets were cautiously optimistic amid signs that a trade deal was close to being signed by the United States and China," ANZ bank said in a note.
"Crude oil prices remained in the doldrums, with ongoing economic weakness weighing on sentiment," ANZ Bank added.
Brent is down about 22% from its April peak, while WTI is down around 20% from its peak reached in April.
Although there are some signs of easing tensions between the world's two largest economies, U.S. Commerce Secretary Wilbur Ross said on Monday that an initial trade deal doesn't need to be finalised next month, emphasising the need to get the right deal.
That raises the risk of further prolonged negotiations and feed market anxiety about the prospects for a durable deal. Adding to tensions, China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the era of President Barack Obama, a document showed.
On the supply side, U.S. crude stockpiles were expected to have increased for the sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct.18, a preliminary Reuters poll showed on Monday.
(Reporting By Jane Chung)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
ANKARA (Reuters) - Turkey's daily death toll from the coronavirus hit a record high of 141 on Friday, according to data from the Health Ministry, as the country braced for nationwide measures amid a surge in cases in recent weeks. The data showed 5,103 new COVID-19 patients were recorded in the country, while the overall death toll rose to 12,084. Since July, Ankara has only reported symptomatic COVID-19 patients, a move critics say hides the true scale of the outbreak.
TBILISI (Reuters) - A gunman has released unharmed all nine hostages he had taken at a microfinance organisation in the Georgian capital Tbilisi on Friday, police said. According to preliminary information, the gunman was not demanding a ransom but had some social demands, including lower prices for medicines
By Matthias Williams KYIV (Reuters) - Thousands of people silently raised their arms in the air, held flowers aloft and broke into chants outside a church in Minsk on Friday at the funeral of a Belarusian protester. The death of 31-year-old Roman Bondarenko has become a flashpoint in months-long mass protests against President Alexander Lukashenko. Witnesses said Bondarenko was detained after a scuffle with people in plain clothes who came to a playground to remove red-and-white ribbons representing the protest movement