2019.11.2709:01:00UTC+00Oil Prices Rise On Trade Deal Optimism

Oil prices inched higher on Wednesday as positive developments towards an interim trade deal between the United States and China offset industry data showing a surprise build in U.S. crude stockpiles.

Benchmark Brent crude edged up 0.15 percent to $63.30 a barrel while West Texas Intermediate (WTI) crude futures were marginally higher at $58.42 per barrel.

Trade deal hopes helped underpin sentiment after U.S. President Donald Trump said that Washington was in the "final throes of a very important deal."

His comment came after the Chinese commerce ministry said that top negotiators from the U.S. and China have reached a common understanding on resolving problems toward the signing of a phase-one partial trade deal.

On the flip side, data from industry group the American Petroleum Institute late on Tuesday showed that U.S. crude stocks rose by 3.6 million barrels in the week to Nov. 21, compared to expectations for a decrease of 418,000 barrels.

The U.S. Energy Information Administration (EIA) is due to publish official inventory data later today. If the EIA data matches that of the API, this would be the fifth straight week of stock builds.