Oil rises further above $62 as trade hopes support - Reuters

Oil rises further above $62 as trade hopes support - Reuters:

Oil rose further above $62 a barrel on Tuesday, supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China and lower inventories at a U.S. oil hub.

Concern about slower economic growth and oil demand from the fallout of the 16-month U.S.-China trade dispute sent prices lower on Monday. Trump gives a speech later on Tuesday and investors are keen for an update on the talks.

Brent crude, the global benchmark, was up 30 cents at $62.48 a barrel by 0939 GMT, after earlier falling as low as $61.90. U.S. West Texas Intermediate (WTI) crude was up 19 cents at $57.05.

“The oil market is in a holding pattern,” said Tamas Varga of oil broker PVM. “The next $5-$10 move will be decided by economic and trade considerations.”