Oil prices inched higher on Monday, extending steady gains from the previous wee...
SINGAPORE - Oil prices inched higher on Monday, extending steady gains from the previous week, with investors awaiting fresh clues over prospects for a trade deal between the United States and China and shrugging off concerns over steadily rising oil supplies.
West Texas Intermediate crude CLc1 were 21 cents, or 0.4%, higher at $57.93 a barrel, having gained 0.8% last week. “In the short term, U.S.-China trade talks and OPEC meeting in early December are the two biggest events oil traders are watching for,” said Yang. In a signal that policymakers are ready to act to prop up slowing growth, China’s central bank unexpectedly trimmed a closely watched lending rate on Monday, the first such cut in more than four years.
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