Oil prices rose slightly on Wednesday, with Brent crude climbing 44 cents to $62.59 a barrel and US West Texas Intermediate (WTI) gaining 50 cents to $59.59, as markets reacted to renewed US-China trade talks and signs of weakening US output. The uptick follows a steep drop to four-year lows after OPEC+ accelerated supply increases, raising oversupply concerns. Analysts at ING noted that while the trade talks may boost market sentiment, a meaningful demand recovery hinges on tariff reductions. Recent rig cuts by firms like Diamondback Energy and Coterra Energy, along with a 4.5 million barrel fall in US crude stocks reported by the American Petroleum Institute (API), suggest US output could decline in the coming months. Official inventory data is expected later Wednesday. Attribution: Reuters Subediting: M. S. Salama
