Several Asian refiners to get full Saudi oil supplies in November

Oil rises on signs of easing U.S.-China tensions

Oil rises on signs of easing U.S.-China tensions

-China talks will not end the trade war between the world's two largest oil consumers, exacerbating anxiety over the global economy and fuel demand.

Saudi Arabia is the world's largest oil exporter, and has been working on an initial public offering (IPO) for Aramco, which would open the company to public investment for the first time in its history.

Oil prices were steady on Thursday as the U.S.

By 6:52 GMT, Brent crude rose by 44 cents, or 0.8 per cent, to $ 58.79 a barrel, while US West Texas Intermediate crude rose by 42 cents, or 0.8 per cent, to $ 53.17 a barrel.

Commerzbank analyst Carsten Fritsch said if the U.S. -China trade dispute have overshadowed lower supply.

Both benchmarks are down more than 20% from April peaks.

The front-month spread between November and December U.S. crude futures CLc1-CLc2 traded at a discount of 2 cents a barrel on Thursday.

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Prices were also weighed down by a report of rising stockpiles in the United States, which is also now the world's biggest oil producer.

All options are on the table, including a deeper cut from OPEC and its allies in December, OPEC Secretary General Mohammad Barkindo said on Thursday, as the OPEC+ coalition tries to rebalance the market amid floundering economies.

U.S. crude oil imports decreased while exports increased during the week ending October 4, the U.S. Energy Information Administration (EIA) said Wednesday.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply.

The Financial Times also reported that China was offering to increase annual purchases of USA agricultural products as part of efforts to secure an interim trade agreement with Washington.

"The oil market is neither bullish nor bearish".

"It would be stretching it to say that the market is paralysed, but it is in a stalemate".

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