December 12, 2018 (MLN): Oil prices edged up by more than 1 percent on Wednesday, mainly due to expectations that an OPEC-led supply cut would stabilize markets as well as hopes that long-running Sino-American trade tensions would mitigate. Disruptions to Libyan oil exports after local militia seized the country's biggest oil field also lifted the oil prices.

The higher prices came amidst a broader increase in Asian stock markets after U.S. President Donald Trump announced that trade talks with China were taking place to resolve the trade disputes between the world's two biggest economies.

International Brent crude oil futures were at $60.89 per barrel at 0212 GMT, up 69 cents, or 1.15 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.25 per barrel, up 60 cents, or 1.2 percent.

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