Oil prices climb on short-covering after decline

Oil prices rose more than 1% this morning as traders betting on falling prices bought back contracts to lock in profits after declines over the last three sessions due to the escalating trade tensions between China and United States.

Brent crude futures climbed 61 cents, or 1%, to $60.42 a barrel by 0544 GMT today after earlier dipping to $59.07, the lowest since Jan. 14.

WTI crude futures rose 56 cents, or 1%, to $55.25 per barrel, Reuters reported.

Brent fell more than 3% on August 5 as traders worried the ongoing trade dispute between the world’s two biggest oil buyers would dent demand, helping to prompt Tuesday’s short-covering.