WASHINGTON (dpa-AFX) - Oil prices recovered some ground on Thursday, after having ended about 1 percent lower in the previous session on data showing a build in U.S. gasoline and diesel inventories and amid signs Saudi Arabia is seeking another big production increase at next month's OPEC meeting.
Benchmark Brent crude futures edged up by 0.3 percent to $65.02 a barrel while WTI crude futures were up 0.4 percent at $63.08.
Investors looked past concerns about oversupply, with Saudi Arabia pushing for a major increase in oil production and slashing prices for Asian buyers, signaling weaker demand.
On the geopolitical front, U.S. President Donald Trump said that Russian President Vladimir Putin was not ready for an 'immediate peace' in Ukraine and is planning to retaliate for Kyiv's drone attack on his country's bomber fleet.
Traders also monitored the latest headlines on the trade front, with EU trade commissioner Maros Sefcovic tweeting: 'We're advancing in the right direction at pace - and staying in close contact to maintain the momentum.'
U.S. trade representative Jamieson Greer said in a statement that he was 'pleased that negotiations are advancing quickly.'
The U.S. dollar edged higher today but remained on the backfoot given trade uncertainties and weak economic data.
The European Central Bank (ECB) announces its policy decision later in the day, with another 25-bps rate cut expected.
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