Brent crude futures were up 31 cents, or 0.5 per cent, at 62.49 dollars a barrel by 0644 GMT, after dipping to as low as 61.90 dollars earlier in the day.
“Positive commentary about a possible U.S. and China interim trade deal certainly helps, but the fundamentals are supportive,” said Virendra Chauhan, Oil Analyst at Energy Aspects in Singapore, pointing to an improved demand outlook. The investment bank cut its growth forecast for next year by 100,000 barrels per day to 600,000 bpd over 2019.
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