SINGAPORE/TOKYO - Oil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall in U.S. crude stocks and positive signs on Sino-U.S. talks, although worries about weak demand kept a cap on gains.
U.S. West Texas Intermediate crude CLc1 was up 28 cents, or 0.5%, at $57.05 a barrel, having risen about 1% in the previous session. “The possible nearing of a trade deal provided a strong bid for risky assets, lifting oil to its third consecutive gain,” Edward Moya, senior market analyst at OANDA in New York, said in a note.
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