Oil Edges Higher on Anticipated U.S.-China Trade Talks
- U.S. inventories increased by 6.81 million barrels last week
- WTI nears 200-day moving average for first time since October
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Signs of easing tensions between the world’s two largest economies helped to lift oil a little after the U.S. reported a surge in crude stockpiles Wednesday and futures flirted with a key technical level.
Oil in New York was capped at a 0.7 percent gain Thursday despite the announcement that the U.S. and China will resume trade talks in an attempt to defuse geopolitical tensions. Amid macro-economic fears, WTI, the U.S. crude benchmark, briefly dipped below $65 per barrel early Thursday and neared its 200-day moving average for the first time since October.