Oil up

Singapore : Oil prices on Thursday clawed back some of the previous day´s losses after Beijing said it would send a delegation to Washington to try to resolve a trade dispute between the United States and China that has roiled global markets.

Market sentiment, though, remains bearish amid the dispute and concerns of an economic slowdown in emerging markets. Brent crude oil futures were at $71.11 per barrel at 0712 GMT, up 35 cents, or 0.5 percent, from their last close. U.S. WTI crude futures were up 15 cents, or 0.2 percent, at $65.17 a barrel, held back somewhat by rising U.S. crude production and storage levels. Both benchmarks lost more than 2 percent during the previous day´s trading. Traders said Thursday´s markets were pushed up by news that a Chinese delegation led by Vice Minister of Commerce Wang Shouwen will hold talks with U.S. representatives led by Under Secretary of Treasury for International Affairs David Malpass later in August.