Oil prices rise ahead of trade deal, likely stock draw

13 Jan by Vitaliy Dadalyan

Oil prices rise ahead of trade deal, likely stock draw

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Oil prices rise ahead of trade deal, likely stock drawOil prices edged higher on Tuesday as investors focused on the signing of a preliminary trade deal between the United States and China, the world’s top oil consumers, and on expectations of a drawdown in U.S. crude oil inventories. “Oil prices are modestly rebounding, following four days of intense selling,” said Edward Moya, analyst at brokerage OANDA, pointing to trade-deal optimism and fading concerns over the U.S.-Iran conflict. Oil prices were supported ahead of the signing at the White House on Wednesday of a Phase 1 trade deal, which marks a major step in ending a dispute that has cut global growth and dented demand for oil.