Oil prices inch up as OPEC edges closer to agreeing date

Oil prices edged up on Wednesday in Asia following reports that OPEC and its allies are close to agreeing on a date for their next meeting.

US WTI crude futures gained 0.3% to $54.28 by 12:57 AM ET (04:57 GMT). International benchmark Brent crude rose 0.2% to $62.23.

Prices were boosted after Bloomberg reported that the OPEC+ group will likely meet in Vienna on July 1-2 to discuss production policy for the latter half of this year.

Meanwhile, reports that China and the U.S. will resume trade talks after a stalemate were also cited as supportive for the oil markets.

In a tweet overnight, U.S. President Donald Trump said he will meet China’s Xi Jinping at the G-20 summit next week, adding that he had a “very good” phone conversation with Xi.

His tweets boosted investor sentiment, as some were sceptical that the two leaders would meet this month.

Looking ahead, traders’ attention will turn to the weekly crude inventories report from the government’s Energy Information Administration, which is due later in the day.