Oil prices rise as investors assess market outlook

Oil drilling rigs

Oil prices rose at the close of trading today, Oct. 21, as investors assessed the market outlook amid concerns over oversupply and weak demand due to trade tensions between the US and China.

Brent crude futures for December delivery rose 0.51%, or 31 cents, to $61.32 a barrel.

WTI crude futures for November delivery, which expire today, rose 0.52%, or 30 cents, to $57.82 a barrel.

Oil's positive performance came after prices fell on Oct. 20 to their lowest levels since early May, amid record US oil production and OPEC+'s continued plans to increase supplies, reinforcing expectations of a market surplus.

Trade tensions between Washington and Beijing have also raised concerns about slowing global economic growth and declining demand for crude oil, despite attempts by both sides to ease the dispute.

However, a new round of presidential-level trade talks between the two sides is scheduled to begin in South Korea in two weeks, which has helped calm tensions.

This is despite US President Donald Trump casting doubt in media statements today on the possibility of the upcoming meeting between him and Chinese President Xi Jinping.