Oil under pressure from rising output, but Iran sanctions loom


By Henning Gloystein

SINGAPORE (Reuters) – Oil prices reversed earlier losses on Friday as hopes rose that the United States and China may resolve their trade disputes soon, easing concerns that an economic slowdown may weigh on fuel demand.

Front-month Brent crude futures were at $73.04 per barrel at 0520 GMT on Friday, up 15 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1 percent, at $63.76 a barrel.

Traders said oil was lifted along with Asian stock markets after a phone call between the U.S. and Chinese presidents raised hopes that the trade dispute between the world’s two biggest economies could be resolved.

The higher prices reversed drops earlier in the session, but Brent has still fallen by around 12 percent since the beginning of October, while WTI has lost 13 percent in value.

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