Oil trims gains but US crude remains above $63

Oil rose during today's trading, supported by Saudi Energy Minister Khalid Al-Falih remarks, while gains were curbed amid the escalating trade conflict between Washington and Beijing, which negatively affects demand.

Al-Falih said that there is consensus within OPEC and its independent allies producers to reduce crude stocks, as well as to intervene against the market, which he described as weak.

On the other hand, concerns about the trade war between the USA and China increased after Google announced the suspension of some of its business and activities with Huawei in compliance with the White House decision.

US President Donald Trump said China's economy would not exceed or surpass the US economy under his rule, stressing: "I will not allow it."

In terms of trade, by 16:21 GMT, West Texas rose by 0.3% to $62.9 a barrel, the highest price at $63.8 and the lowest at $62.4.

Brent settled at $72.1 a barrel, with a high of $73.4 and a low of $72.05.