Oil prices rose slightly for the first time in three trading days on Wednesday, although concerns about the global economic outlook limited gains.
West Texas Intermediate Crude Oil (WTI) crude futures were trading at $53.76 a barrel at 2338 GMT, up 10 cents, or 0.2%, from the previous settlement price. They closed down 1.7% on Tuesday.
International Brent crude oil futures were not traded after closing down 0.8% in the previous trading day.
Global economic worries have depressed market sentiment in recent days, offsetting signs of global supply constraints.
Due to market tensions, traders were followed by US President Donald Trump in his State of the Union address at 0200 GMT.
"If global economic growth continues to decline, any suggestion that the U.S. -China trade situation is unclear or that more anti-trade rhetoric will have a negative impact on energy prices because demand will fall," Alfonso Esparza said. OANDA Senior Market Analyst.
By helping to tighten global supply, U.S. sanctions against Venezuela are seen as price support. A fleet of Venezuelan oil was formed in the Gulf of Mexico. Some goods were purchased before the recent U.S. sanctions against Venezuela. Buyers of other goods were weighing who paid for them.
The Organization of Petroleum Exporting Countries and its allies, including Russia, agreed to begin cutting production last month to offset supply growth.
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