Prices are ending July little changed, after a volatile month in which growth concerns competed with simmering Middle East tensions that risk disrupting global supplies.
US and Chinese negotiators plan to meet again in early September, as the latest round of talks to resolve a trade dispute ended with signs that the top two economies discussed the Asian nation’s purchases of American farm products.
“The EIA report in and of itself was constructive, but these factors outside the market are weighing prices down,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
West Texas Intermediate for September delivery rose to as high as $58.82 a barrel on the New York Mercantile Exchange and traded up 32 cents at $58.37 at 12:43 p.m., on track for its fifth straight advance.
Brent crude for September, which expires Wednesday, added 46 cents to $65.18 a barrel on the ICE Futures Europe exchange. The more-active October contract was at $65.06, up 43 cents. The September contract traded at a $6.82 premium to WTI for the same month.