Oil Prices Edge Upward
West Texas Intermediate (WTI) and Brent crude oil finished higher Thursday on a positive development in international trade.
October WTI posted a slight gain Thursday, adding four cents to settle at $56.30 per barrel. The light crude marker traded within a range from $55.75 to $57.76.
Brent crude for November delivery showed a relatively robust 25-cent gain, finishing the day at $60.95 per barrel.
Both oil benchmarks maintained their respective four-plus-percent gains from Wednesday, bolstered by apparent signs of progress in trade talks between the United States and China, according to a Bloomberg posted to Rigzone earlier Thursday. Citing a statement from China’s Ministry of Commerce and confirmation from the Trump administration, the news agency reported that high-level officials from both countries will hold trade talks “‘in the coming weeks.’”
Trade tensions between the United States and China, including the implementation of tariffs by both sides, have stoked concerns about demand for crude oil and myriad other products. Equities and energy commodities markets welcomed Thursday’s news that officials plan to return to the negotiating table.
Thursday’s modest upward price movement extended to reformulated gasoline (RBOB). The October RBOB contract price gained one cent, settling at nearly $1.55 per gallon.
Henry Hub natural gas, which on Wednesday had gained more than 11 percent since August 27, faltered during Thursday’s session. October gas futures fell by a penny to close at $2.435.
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