Oil edged lower as traders counted down to a summit between US President Donald Trump and Chinese counterpart Xi Jinping and, beyond that, an OPEC+ meeting on supply.
West Texas Intermediate fell toward $60 a barrel, rolling back Wednesday's modest gain, while Brent closed below $65. The leaders of the two largest economies are expected to finalize a trade deal at their meeting in South Korea. Trump may also use the exchange to lean on Beijing to curb purchases of Moscow's oil after his administration imposed sanctions on two Russian producers.
The OPEC+ alliance, meanwhile, has a meeting on supply on Nov. 2. The alliance — which includes Russia — is expected to focus on reviving another sliver of crude production in December in a move that may amplify traders' concerns about a global glut.
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Prices:
WTI for December delivery fell 0.5% to $60.17 a barrel at 7:31 a.m. in Singapore.
Brent for December settlement closed 0.8% higher at $64.92 a barrel.
Source: Bloomberg
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