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Oil prices rose on Wednesday, extending the rise in the previous session, but gains were held back by growing fears over the impact of the global economic slowdown on demand.
Brent was up 17 cents, or 0.3%, to $ 68.14 by 03:11 am GMT, reversing previous losses of similar magnitude. Tuesday, the global benchmark rose 76 cents to 67.97 dollars a barrel, which is not much lower than the high of 68.69 dollars reached since the beginning of the year, reached 21 March.
US futures have added 60 cents, or 9 cents, or 0.2%, also reversing losses from previous trades. The US benchmark rose $ 1.12, or 1.9%, to $ 59.94 per barrel in the previous session.
"We seem to have reached a state of equilibrium after the recent unstable trading that caused the headline and we need to see a new momentum for the price direction," said Jeff Halley, senior market analyst at OANDA at Singapore.
This is unlikely to happen before the conclusion of the US-China trade talks, he added, citing negotiations that resumed on Thursday as the world's two largest economies try to end a long-running trade war. eight months.
Oil rose on Tuesday, Venezuela's main oil export port and its four oil processors could not resume operations following a major power outage last Monday.
Prices have risen more than 25% this year as a result of restrictions imposed by the Organization of Petroleum Exporting Countries and other major producers, as well as US sanctions on Venezuela's exports and Iran.
Demand concerns, however, have limited oil recovery as manufacturing data from Asia, Europe and the United States indicate a slowdown in the economy.
The American Petroleum Institute, a professional organization, announced Tuesday that US crude oil inventories had increased by 1.9 million barrels in the last week, while analysts forecast a 1.2 million barrels.
The market was waiting to see if official figures expected later Wednesday would confirm the API data.
"It will be very interesting to see the inventory numbers tonight, if we witness a fall, we could witness a sharp rise," said Halley of OANDA.
Hedge funds and other fund managers are increasingly likely to believe that oil demand will continue, even though the market recovered last week.
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