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US oil prices edge up on trade talk hopes, OPEC cuts

Updated : January 08, 2019 08:00 AM IST

US West Texas Intermediate (WTI) crude oil futures were at $48.69 per barrel at 0024 GMT, up 17 cents, or 0.4 percent from their last settlement.
US Commerce Secretary Wilbur Ross said late on Monday that Beijing and Washington could reach a trade deal that "we can live with" as dozens of officials from the world's two largest economies held talks in a bid to end their trade dispute that has roiled global markets since last year.
Beyond politics, oil markets are being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.
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