The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
* API says U.S. crude inventories rose, EIA report due
* China, U.S. to hold trade talks in October
* OPEC-led supply cuts support, but output rises in August (Upsdates prices)
LONDON, Sept 5 (Reuters) - Oil rose to $61 a barrel on Thursday as hopes of progress in resolving the U.S.-China trade row boosted investor sentiment, although a report showing U.S. crude inventories unexpectedly increased weighed on prices.
Crude had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally. On Thursday, China said Beijing and Washington had agreed to hold high-level trade talks in early October.
"The upswing itself is likely to have sparked further follow-up buying," said Eugen Weinberg of Commerzbank, who added the planned U.S.-China trade talks were among factors boosting investor risk appetite.
Benchmark Brent crude was up 60 cents at $61.30 a barrel by 1324 GMT, having earlier fallen to $60.25. U.S. West Texas Intermediate (WTI) crude added 30 cents to $56.56.
Still, the American Petroleum Institute (API), an industry group, on Wednesday said U.S. crude stockpiles rose by 400,000 barrels last week, whereas analysts had expected a fall. The government's official supply report is due later on Thursday.
"Oil prices remain range-bound despite yesterday's rally," said OANDA analyst Craig Erlam. "API reported a modest increase in inventories on Wednesday, which failed to do much for oil prices."
The prolonged U.S.-China trade dispute has been a dampener on oil prices but Brent is still up 12% this year, helped by production cuts led by the Organization of the Petroleum Exporting Countries and its allies including Russia.
Nonetheless, both OPEC and Russia boosted production in August, according to a Reuters survey and Russian energy ministry figures, weighing on prices.
Also putting downward pressure on prices has been mounting evidence of slowing economic growth worldwide, which has prompted analysts to lower forecasts for oil demand growth.
BP Chief Financial Officer Brian Gilvary told Reuters on Wednesday that global oil demand was expected to grow by less than 1 million barrels per day in 2019, a slowdown from previous years.
Later on Thursday, attention will focus on U.S. government weekly inventory figures from the Energy Information Administration to see if they confirm API's view on inventory changes. The EIA report is due out at 1500 GMT.
Analysts expect crude stocks fell by 2.5 million barrels in the week to Aug. 30. (Additional reporting by Aaron Sheldrick; Editing by David Evans and Mark Potter)