Oil prices rise for first time in three days, but trade war fears drag

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By Aaron Sheldrick

TOKYO (Reuters) – Oil prices climbed for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the U.S.-China trade war kept pressure on the market.

Brent crude futures had gained 49 cents, or 0.7 percent, to $76.40 a barrel by 0619 GMT. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at$75.09 a barrel.

U.S. West Texas Intermediate (WTI) crude futures advanced 28 cents, or 0.4 percent, to $66.46 a barrel on Wednesday. They dropped 1.3 percent the day before, after hitting their lowest since Aug. 17 at $65.33 a barrel.

Both crude benchmarks have fallen about $10 a barrel from four-year highs reached in the first week of October, and are on track to post their worst monthly performance since July 2016.

“Everyone thought we were going to go into the $90s, but now we are heading for the $60s,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo, referring to Brent prices.

Read more at : https://www.investing.com/news/commodities-news/oil-prices-rise-for-first-time-in-three-days-but-trade-war-fears-drag-1666958

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