Oil prices little changed on report China ready to buy more | Reuters

Oil prices little changed on report China ready to buy more | Reuters

Oil prices erased most of their losses and were trading little changed on Thursday following reports China was prepared to buy more oil to meet growing demand.

Brent futures for November delivery fell 11 cents, or 0.1%, to $78.53 a barrel by 11:43 a.m. EDT (1543 GMT), while U.S. West Texas Intermediate (WTI) crude rose 48 cents, or 0.6%, to $75.31.

Brent futures for December, which will soon be the front-month, were up 0.3% to $78.30 a barrel.

Earlier in the day prices fell over $1 a barrel on higher U.S. crude oil inventories and a strong dollar .

Phil Flynn, senior analyst at Price Futures Group in Chicago, said the late morning futures price move higher was due to a report that China was prepared to buy more oil.