Oil Inches Higher as Investors Await Pivotal Trade, OPEC+ Talks - Bloomberg

Oil Inches Higher as Investors Await Pivotal Trade, OPEC+ Talks - Bloomberg: Oil closed Thursday in a holding pattern as traders awaited gatherings that could be decisive for the U.S.-China trade feud and the OPEC+ coalition’s commitment to supply curbs.

Futures edged up 0.1% in New York, with the outcome of both parleys uncertain. U.S. President Donald Trump, in fact, threatened more levies on China if there’s no progress at his meeting with Chinese leader Xi Jinping on the sidelines of the G-20 summit on Saturday.

West Texas Intermediate for August delivery rose 5 cents to $59.43 a barrel on the New York Mercantile Exchange, its highest closing price since May 22.

Brent for August settlement was 6 cents higher at $66.55 on London’s ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $7.10 to WTI.