Crude oil prices opened almost unchanged on Wednesday from the previous session as investors await a resolution in the U.S.-China trade war, which caused Chinese industrial profits to slump.
The profits of Chinese industrial firms decreased 9.9% in October to 427.56 billion yuan ($60.74 billion), compared to the same period of 2018, according to data released by China's National Bureau of Statistics on Wednesday.
The recent slump in profits came after a 5.3% fall in September and marked the steepest decline in eight months.
As the U.S.-China trade war rolls into its 19th month without any settlement in sight, the Chinese economy has been negatively impacted while intensifying the potential of lowering oil demand of the world's second largest oil consumer next year.
International benchmark Brent crude was trading at $63.03 a barrel at 0640 GMT on Wednesday after it closed Tuesday at $63.02 per barrel.
American benchmark West Texas Intermediate was at $58.24 per barrel at the same time after it ended the previous session at $58.27 a barrel.
By Ovunc Kutlu