MTECHTIPS;-Oil steadies to trade higher after losses

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MTECHTIPS;-Oil steadies to trade higher after losses

MTECHTIPS-Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in U.S. crude inventories and renewed concerns over trade friction between the U.S. and China. Brent crude futures (LCOc 1) were up 16 cents, or 0.2 percent, at $72.55 a barrel by 0503 GMT, after dropping 2.5 percent on Wednesday. U.S. West Texas Intermediate (WTI) crude (CLc 1) futures increased by 6 cents, or 0.1 percent, to $67.72 a barrel. They fell 1.6 percent in the previous session. Oil prices are feeling the effects of ongoing tensions over global trade, with markets concerned about any slowdown in growth around the world. “A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range,” said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney. U.S. President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.