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Oil rises as coverage centers and trade war between America and China holds back gains
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Oil prices rose more than 1 percent on Tuesday as traders betting on price declines again bought profit-taking contracts after crude declines over the past three sessions due to rising trade tensions between China and the United States.
Brent prices fell more than 8 percent in the three sessions, compared to the closing level on July 31, with US President Donald Trump pledging new tariffs on Chinese imports and China taking further action against US agricultural imports.
The United States also responded to the yuan's depreciation on Monday by describing Beijing as a currency manipulator later on Tuesday.
Brent crude fell more than 3 percent on Monday as traders worry that continuing trade tensions between the world's two largest oil buyers will negatively affect demand, spurring coverage of city centers on Tuesday.
By 0544 GMT on Tuesday, global Brent crude futures were up 61 cents, or 1 percent, at $ 60.42 a barrel after falling earlier to $ 59.07, its lowest since January 14.
US West Texas Intermediate crude futures rose 56 cents, or 1 percent, to $ 55.25 a barrel.
The United States accuses Beijing of manipulating its currency after China allowed its yuan to drop to its lowest level in more than a decade. The weak yuan will support Chinese exports by cutting prices, but it will also increase the cost of oil imports to the world's biggest crude importer.
Oil prices may receive some support later this week as a preliminary Reuters poll showed US crude stocks are expected to fall for the eighth straight week.
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