2019.09.0506:31:00UTC+00Oil Prices Rise On Trade Talk Optimism

Oil prices rose on Thursday as investors welcomed signs of progress in resolving the U.S.-China trade dispute.

The upside, however, remained limited after industry data showed an unexpected rise in U.S. crude inventories.

Benchmark Brent crude rose 0.35 percent to $60.91 a barrel while U.S. West Texas Intermediate (WTI) crude futures were marginally higher at $56.27.

U.S.-China trade tensions eased somewhat after the United States and China agreed to hold trade talks in Washington early next month and take actions to create favorable conditions.

Following telephone consultations between Chinese Vice Premier Liu Heying and U.S. Treasury Secretary Steve Mnuchin, China's Commerce Ministry said a new round of face-to-face trade talks will be held in Washington in early October.

On the flip side, the American Petroleum Institute (API), has estimated a surprise crude oil inventory build of 400,000 barrels last week, compared to analyst expectations of a 3.50-million barrel draw.

The U.S. government's official supply report is due out later in the session.