Oil prices little changed over Trump’s China visit

LONDON, May 13 (Reuters): Oil prices were little changed on Wednesday as investors monitored a fragile Middle East ceasefire and awaited a high-stakes summit in Beijing between US President Donald Trump and China's Xi Jinping. Brent crude futures were down 14 cents, or 0.1 per cent, to $107.63 a barrel at 1328 GMT. Meanwhile US West Texas Intermediate futures edged up 44 cents, or 0.4 per cent, to $102.62.

Both benchmarks have hovered around or above $100 per barrel since the US-Israeli war on Iran began at the end of February after which Tehran effectively shut the vital Strait of Hormuz. "The market remains highly reactive to every update from the region, meaning sharp swings are likely to persist. Any further escalation or direct threat to supply flows could quickly revive strong upside momentum in both Brent and WTI," said senior market analyst at Phillip Nova.