Oil ticks upward ahead of G20 summit, but US supply rise curbs gains


Oil ticks upward ahead of G20 summit, but US supply rise curbs gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in US crude inventories to their highest in a year curbed gains.

US crude futures rose 38 cents, or 0.8 per cent, to $50.67 per barrel by 0338 GMT. The market ended the previous session down 2.5 per cent at $50.29 a barrel, after hitting the lowest since early October last year.

International benchmark Brent crude rose 27 cents, or 0.5 per cent, to $59.03 a barrel, having dropped 2.4 per cent on Wednesday to $58.76 a barrel. Both markets rose more than 1 per cent in early Asian trade. Read More

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