Oil Edges Higher as Market Eyes Trade Talks Later This Week - Bloomberg

Oil Edges Higher as Market Eyes Trade Talks Later This Week - Bloomberg:

Oil pared its biggest weekly drop since July ahead of the resumption of U.S.-China trade talks later this week that may sway a cloudy demand outlook.

Futures in New York added as much as 0.8% after losing 5.5% last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad deal pursued by President Donald Trump, according to people familiar with the discussions, before high-level talks that are set to resume Thursday.

Oil fell for eight days through Thursday as a slew of disappointing economic data highlighted the increasing toll the trade war is taking on the global economy. Prices are now well below the level just before the Sept. 14 attacks on Saudi Arabia, even amid a lack of progress in resolving tensions in the Middle East. The end of the U.S. summer driving season is also eroding demand, with hedge fund bets on a crude price rally falling to an eight-month low.