Oil rises as investors assess US-China talks prospects

Oil drilling rigs

Oil prices rose today, May 8, as markets assessed the prospects for trade talks between the world's two largest economies and amid a larger-than-expected drop in US crude oil inventories last week.

Brent crude was trading up 0.65% at $61.53 a barrel, at 8:06 am Makkah time. West Texas Intermediate (WTI) crude rose 0.75% to $58.52 a barrel.

Energy Information Administration latest data showed that US commercial crude oil inventories fell by two million barrels in the week ended May 2, compared to expectations of a 1.3 million barrel decline.

Separately, US Treasury Secretary Scott Bessent will meet with China's top economic official in Switzerland on May 10 to discuss the trade war that is hampering the global economy. There are hopes for solutions that will prevent the disruptions caused by their trade dispute and prevent a decline in oil demand.