SINGAPORE (Reuters) – The price of Brent crude oil edged higher on Wednesday, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks.
But gains were capped amid renewed concern over the coronavirus pandemic, which has squeezed fuel demand, after reports from Europe and Asia of patients being re-infected with COVID-19, raising concerns about future immunity.
Brent crude oil futures added 8 cents, or 0.2%, to $45.94 a barrel by 0134 GMT, while U.S. West Texas Intermediate crude was down 2 cents, or 0.1%, at $43.33 a barrel. Both benchmarks settled at a five-month high on Tuesday.
