Oil advances as geopolitical tensions offset slack demand - Reuters

Oil advances as geopolitical tensions offset slack demand - Reuters:

Oil prices edged higher on Friday on worries about Middle East tensions, though a flagging global economic growth outlook amid the U.S.-China trade war capped gains.

Brent crude futures LCOc1 were up 25 cents, or 0.4%, at $63.64 a barrel by 0651 GMT. They rose 0.3% in the previous session.

U.S. West Texas Intermediate crude CLc1 was 36 cents higher, or 0.6%, at $56.20 a barrel, after gaining 0.25% overnight.

“Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.