OPEC chief hints at deeper oil production cuts in December

Oil rises on signs of easing U.S.-China tensions

Oil prices have failed to gain a lasting boost from supply disruptions this year, including the attack last month on Saudi Arabian oil installations that briefly shut down more than half of production in the world's top exporter.

Global benchmark Brent crude futures fell 26 cents, or 0.5 per cent, to $58.05 a barrel by 0133 GMT, while US West Texas Intermediate crude was at $52.38 per barrel, down 21 cents, a 0.4 per cent drop.

Prices were also weighed down by a report of rising stockpiles in the United States, now the world's biggest oil producer. -China trade war supported oil, but a build in USA crude inventories held prices back. President Donald Trump has said tariffs on Chinese imports will increase on October 15 if no progress is made in this week's bilateral trade negotiations.

China is still open to agreeing a partial trade deal, Bloomberg reported on Wednesday, citing an official with direct knowledge of the talks.

Commerzbank analyst Carsten Fritsch said if the U.S.


OPEC, the International Energy Agency (IEA), and the U.S. Energy Information Administration (EIA), as well as many other organizations and analysts have trimmed their oil demand growth estimates several times this year already, on the back of signs of slowing economic growth in the world, also due to the U.S.

Oil prices rose on Thursday as OPEC indicated that all options were on the table to balance oil markets and that it would take a decision in December on supply for next year.

The Financial Times also reported that China was offering to increase annual purchases of US agricultural products as part of efforts to secure an interim trade agreement with Washington.

Still, there has not been a sustained rally or fall in prices in recent months, though both oil benchmarks are down more than 20% from April peaks.

"It would be stretching it to say that the market is paralysed, but it is in a stalemate".

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