Oil stabilizes despite fears of slowing demand

UNITED STATES, WASHINGTON (OBSERVATORY) — Oil prices held steady on Thursday, after falling in the previous two sessions due to concerns in the sector about increasing supplies and indicators of slowing demand for black gold.

By 05:55 GMT, Brent crude was trading at $ 62.36 a barrel, down 3 cents from the previous closing level, while US West Texas Intermediate crude fell two years to $ 56.47 a barrel.

Oil prices came under pressure from a sudden increase of 2.4 million barrels in US oil inventories last week, and Saudi Arabia’s production capacity is recovering faster than expected after the September 14 attacks on Aramco.

Prices have received some support from hopes that the trade dispute between the United States and China could ease, which could boost oil demand.

US President Donald Trump said on Wednesday, a day after harsh criticism of China over its trade practices, that Beijing wanted a “very bad” deal and that the deal “could happen sooner than you think.”

Trump and Japanese Prime Minister Shinzo Abe also signed a limited trade deal that will open Japanese markets to US products by about $ 7 billion a year.

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