Singapore: Oil prices rose on Wednesday, tracking gains in equities, as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from OPEC and its allies that further supply curbs could be possible.
But gains were limited due to lingering concerns of a global economic slowdown.
Global benchmark Brent crude oil futures LCOc1 had risen 21 cents to USD 58.95 by 0310 GMT, up about 0.3 per cent from the previous day’s close. US West Texas Intermediate (WTI) crude CLc1 had gained 16 cents or 0.3 per cent to USD 52.97 a barrel.
“Oil is starting to see some bullish positions added on the easing of two big tail risks for global demand, the US-China trade war and Brexit,” said Edward Moya, a senior market analyst at OANDA in New York.
