Oil edges up after five days of losses ahead of U.S.-China trade pact - Reuters

Oil edges up after five days of losses ahead of U.S.-China trade pact - Reuters:

Oil prices edged higher on Tuesday after five days of declines as the United States and China prepared to sign a preliminary trade deal and as Middle East tensions eased.

Brent LCOc1 futures gained 29 cents, or 0.5%, to settle at $64.49 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 ended 15 cents, or 0.3%, higher at $58.23.

That put WTI front-month futures below the second month CLc1-CLc2 for the first time since Nov. 19, which is known in the trading industry as contango.

Analysts noted oil also found technical support after WTI fell to a five-week low of $57.72 before bouncing off the 200-day moving average.