Oil Updates – prices hold gains on upbeat China trade data

SINGAPORE: Oil prices held steady on Thursday, holding onto overnight gains after upbeat Chinese trade data and after US data showed a smaller-than-expected rise in crude inventories and large draws in fuel stocks, according to Reuters.

However, expectations that US interest rate cuts could be delayed capped gains.

Brent crude futures slipped 4 cents to $82.92 a barrel by 7:32 a.m. Saudi time, while US West Texas Intermediate crude futures inched down 1 cent to $79.12 a barrel despite China’s import and export growth beating estimates.

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