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An Iraqi worker gauges gas emissions from an oil pipe at the Daura oil refiner - Getty Images

Oil prices ticked higher on Thursday amid a sharp decrease in U.S. crude inventories and investor hopes of progress in resolving the U.S.-China trade feud.

Global benchmark Brent crude gained 16 cents, or 0.2%, to $60.86 a barrel. U.S. West Texas Intermediate (WTI) crude added 4 cents, or 0.1%, to $56.30 a barrel.

U.S. crude, along with gasoline and distillate inventories, fell last week. Crude stocks dropped 4.8 million barrels, which was more than the 2.5 million barrel draw analysts had expected, the Energy Information Administration said.

Net U.S. crude imports, however, rose last week by 934,000 barrels per day. Read more…