Photo credit: The Economic Times
Oil prices edged up Thursday as investors awaited a meeting between US President Donaald Trump and Chinese President XI Jinping later in the day, as traders focused on the Iran war.
Business Standard reports that Brent crude futures were up 13 cents, or 0.12 per cent, to $1o05.76 a barrel by 0015 GMT, while US West Texas Intermediate futures rose 12 cents, or 0.12 per cent, to $101.14.
Booth benchmark oil futures contracts fell on Wednesday as investors worried about possible US interest rate hikes. Brent crude futures fell more than $2 a barrel, while WTI futures fell more than $1.
Trump landed in Beijing on Wednesday evening and is heading into a series of meetings with XI, aiming to secure economic wins, maintain a fragile trade truce and navigate thorny issues such as the Iran war and arms sales to Taiwan.
While Trump has said he did not think he would need China’s help to end the war, the president is nonetheless expected to ask XI for assistance in resolving the costly and unpopular conflict. But analysts said he is unlikely to get the support he wants.
