Oil prices edge higher on potential Brexit deal; OPEC signals of possible cuts
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 on lingering concerns of a global economic slowdown.
Global benchmark Brent crude oil futures had risen 11 cents to $58.85 by 0103 GMT, up about 0.2% from the previous day’s close. U.S. West Texas Intermediate (WTI) crude had gained 10 cents or 0.2% to $52.91 a barrel.
“Oil is starting to see some bullish positions added on the easing of two big tail risks for global demand, the U.S.-China trade war and Brexit,” said Edward Moya, a senior market analyst at OANDA in New York.
