Oil erased an earlier decline after China indicated it is open to trade talks with the US.
Brent futures added as much as 1.4%, while West Texas Intermediate also rose.
China wants to see a number of steps from President Donald Trump's administration before it will agree to talks, including showing more respect by reining in disparaging remarks by members of his cabinet, according to a person familiar with the government's thinking. Beijing also wants the US to appoint a point person for discussions who has the president's support and can help prepare a deal the two nations can sign when they meet.
“A bit of risk-on followed,” after the news of China's openness to talks, said Ole Hansen, head of commodities strategy at Saxo Bank. “Overall the market seems to be settling into a bit of a wait-and-see mode.”
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Crude has recovered from near the lowest in four years, after a sharp drop earlier this month brought about by an onslaught of tariffs and counter-levies between the US and its biggest trading partners. Washington on Tuesday launched a probe into the need for import taxes on critical minerals, while trade differences with the European Union persist as White House officials said the bulk of the US tariffs imposed on the bloc won't be removed.
Meanwhile, Iraq plans to cut its oil exports this month as it faces growing pressure to adhere to its OPEC+ production target. The country aims to reduce shipments by 70,000 barrels a day, an official with knowledge of the matter said.
The industry-funded American Petroleum Institute reported US nationwide crude inventories rose by 2.4 million barrels last week, which would be the third consecutive advance if confirmed by official data later Wednesday. However, the report indicated declines at the oil storage hub in Cushing, Oklahoma, and in fuel inventories.
Prices:
Brent for June settlement rose 1.2% to $65.44 a barrel by 8:39 a.m. in New York.
WTI for May delivery climbed 1.2% to $62.05 a barrel.
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