Oil pared early losses on Wednesday after China signaled it would take steps to boost a flagging economy, as traders awaited further news about the potential resumption of the Iran nuclear deal. West Texas Intermediate futures edged higher to $86.91 a barrel after dropping to a fresh seven-month low, while Brent continues to trade above $92 a barrel. China ’s Premier Li Keqiang has urged more pro-growth measures, while US industrial data beat estimates on Tuesday . Still, concerns over global economic growth and its consequent effect on oil demand remain pervasive. Discussions over a revived nuclear deal with Iran are progressing , with the European Union viewing Iran’s response as constructive. “Recession fears are the main driver along with the lack of liquidity – we’ve seen traders, fund managers, speculators all pulling out,” Luke Longhurst, head of fuel at brokers Freight Investor Services said by phone. The Biden […]