Oil prices rose on Wednesday as prospects for a trade deal between the United States and China grew, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Wednesday that the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. U.S. West Texas Intermediate crude was at $57.03, up 27 cents or 0.48%. Brent crude futures grew by 16 cents, or 0.3%, to $62.20 a barrel by 0411 GMT A forecast by the International Energy Agency for slower global oil demand growth post-2025 also weighed on the market. Global oil demand is expected to grow by 1 million barrels per day (bpd) on average to 2025, but is forecast to slow to 100,000 bpd a year from then on as fuel efficiency improves and more electric vehicles hit the road, the IEA said in its annual World Energy Outlook for the period to 2040. Even as U.S. production growth slows from the breakneck pace of recent years, the world’s top oil producer will still account for 85% of the increase in global oil output to 2030, […]
