Oil prices climb for first time in three days, but trade war fears drag

© Reuters. An oil well pump jack is seen at an oil field supply yard near Denver
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Oil prices climbed for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the U.S.-China trade war kept pressure on the market.
Brent crude futures had gained 52 cents, or 0.7 percent, to $76.43 a barrel by 0310 GMT. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at$75.09 a barrel.
U.S. West Texas Intermediate (WTI) crude futures advanced 29 cents, or 0.4 percent, to $66.47 a barrel on Wednesday. They dropped 1.3 percent the day before, after hitting their weakest since Aug. 17 at $65.33 a barrel.
Both crude benchmarks have fallen about $10 a barrel from four-year highs reached in the first week of October, and are on track to post their worst monthly performance since July 2016.
Oil has been caught in the global financial market slump this month, with equities under pressure from the trade scrap between the world's two largest economies.

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