Ammon News - Oil rose on Thursday after falling more than $1 in the previous session, supported by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers.

Brent crude futures were up 51 cents, or 0.8%, at $61.63 a barrel, while U.S. West Texas Intermediate crude rose 57 cents, or 1% to $58.64 a barrel at 0420 GMT.

"Optimism around the U.S. and China trade talks this weekend is a primary factor supporting the rebound in the oil market," said independent market analyst Tina Teng.

"Signs of a de-escalating trade war improved market sentiment, triggering a rebound in oil prices in an oversold market."

A stronger U.S. currency makes dollar-denominated oil more expensive for holders of other currencies and dampening demand.

Adding to the concerns of weaker demand, U.S. gasoline inventories rose last week, stoking concerns among analysts that consumption is not building as the U.S. enters the summer demand period later this month.

At the same time, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will increase its oil output, adding to pressure on prices. Reuters