Oil prices steadied on Tuesday, after recent declines, as investors focused on the signing of a preliminary trade deal between the US and China, the world’s top oil consumers, and on expectations of a drawdown in US stockpiles.
However, price gains were capped by receding West Asian Middle East tensions, with both Tehran and Washington desisting from any further escalation after this month’s clashes.
Brent crude was up 2 cents at $64.22 per barrel by 0738 GMT. US West Texas Intermediate crude futures were down 4 cents at $58.04 a barrel. The benchmarks lost about 5 per cent and 6 per cent, respectively, last week.
