Oil rises to $61 on trade hopes; U.S. inventories eyed - Reuters

Oil rises to $61 on trade hopes; U.S. inventories eyed - Reuters:

Oil rose to $61 a barrel on Thursday as hopes of progress in resolving the U.S.-China trade row boosted investor sentiment, although a report showing U.S. crude inventories unexpectedly increased weighed on prices.

Crude had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally. On Thursday, China said Beijing and Washington had agreed to hold high-level trade talks in early October. 


“The upswing itself is likely to have sparked further follow-up buying,” said Eugen Weinberg of Commerzbank, who added the planned U.S.-China trade talks were among factors boosting investor risk appetite.

Benchmark Brent crude was up 60 cents at $61.30 a barrel by 1324 GMT, having earlier fallen to $60.25. U.S. West Texas Intermediate (WTI) crude added 30 cents to $56.56.