2019-07-24 12:32:37

Shafaq News/ Oil prices rose on Wednesday as tensions over Iran, a sharp drop in US inventories and positive signs of China-US trade talks rose, although fears of weak demand curbed the gains.

London Brent crude futures rose 21 cents, or 0.3 percent, to $ 64.04 a barrel by 0719 GMT, after rising nearly 1 percent on Tuesday.

US WTI rose 28 cents, or 0.5 percent, to $ 57.05 a barrel after rising nearly 1 percent in the previous session.

US crude inventories fell more than expected in the past week 19 of July and fell 11 million barrels to 449 million, according to the US Petroleum Institute on Tuesday. This comes in comparison to analysts' expectations of a four million barrel decline.

The US government is due to issue official inventory data on Wednesday.

Analysts said that the possibility of resuming China-US trade talks has helped boost prices.