Oil edges further above $60 as U.S.-China trade hopes support - Reuters

Oil edges further above $60 as U.S.-China trade hopes support - Reuters:

Oil edged further above $60 a barrel on Friday as hints of progress in the U.S.-China trade dispute outweighed concerns about a slowdown in global economies and demand for crude.

The world’s two largest economies are preparing for new talks and have been making conciliatory gestures ahead of the discussions, cheering investors.

“Both sides have made further displays of goodwill,” said Stephen Brennock of broker PVM. “The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term.”

Benchmark Brent crude LCOc1 was up 10 cents at $60.48 a barrel by 1308 GMT, recovering from an earlier decline to $59.60. U.S. West Texas Intermediate CLc1 rose 40 cents to $55.49.