Despite the slowdown in economic growth that emerged in late 2018, oil prices have been driven up this year by supply cuts led by the Organization of the Petroleum Exporting Countries
Bank of America Merrill Lynch said in a note that the Sino-American trade dispute was hurting economic growth globally
Brent pushed above $65 per barrel for the first time in 2019, before edging back to $64.91 a barrel by 0143 GMT. That was still 0.5 percent above the last close.
A 24-nation alliance known as OPEC+ that formed two years ago has just started another round of output curbs to prevent a supply glut
The market is worried about whether demand is sufficient to absorb growing crude production from the US
China hopes fiscal stimulus can stem economic slowdown
With Iran already crippled by US sanctions on its oil, a further drop in Venezuelan exports could squeeze global supply and rapidly push up prices
The decline followed a slump in global financial markets on Tuesday as concerns over global growth spooked investors into looking for safe-haven assets like government bonds or gold
Global equities fell after data pointed to a slowdown in Chinese economic growth in 2018 to a 28-year low
Crude has held on to its rally above $50 a barrel for over a week, rebounding more than 20 per cent from a low on Dec. 24
Even as Opec and allied exporters cut production, however, US output has surged close to 12 million bpd in the latest week
The outlook for the global economy darkened further after Britain's parliament on Tuesday shot down Prime Minister Theresa May's deal to leave the European Union
These are the first face-to-face meetings between officials from the two countries since Trump and Jinping agreed on a 90 day truce in trade war on December
Crude prices so far in 2019 have been buoyed by supply cuts from the Organization of the Petroleum Exporting Countries including top exporter Saudi Arabia, and allies including Russia
If prices hit $85 a barrel, the deficit on account of oil would be $106.4 billion - 3.61% of India's GDP - reveals study
Oil futures were buoyed by some gains in US stocks, with the Nasdaq Composite turning positive after earlier losses
On the consumer front, the number of cooking gas consumers has doubled
Prices surged on Wednesday, tracking a spike in the US equities market after President Donald Trump's administration attempted to shore up investor confidence
Both crude oil benchmarks have lost more than a third of their value since the beginning of October and are heading for losses of more than 20 per cent in 2018
Oil prices have shed more than 36 per cent since early October to trade at $54 (47 euros) per barrel, due to fears of oversupply and weak global demand.