London — Oil slipped towards $60 a barrel on Thursday after a report showed US crude inventories rose unexpectedly, although hopes of progress in resolving the US-China trade row lent support.
Benchmark Brent crude was down 25c at $60.45 a barrel by 8.21am GMT, while US West Texas Intermediate crude fell 39c to $55.87. Crude had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally. On Thursday, China’s commerce ministry said Beijing and Washington agreed to hold high-level trade talks in early October.
Nonetheless, both Opec and Russia boosted production in August, according to a Reuters survey and Russian energy ministry figures, weighing on prices.