STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBEIJING -Oil prices ticked up in Asian trade on Wednesday, as markets weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness.
"Investors are reluctant to take big positions ahead of the Jackson Hole symposium as they want to find clues for the next step by the U.S. Federal Reserve," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Its weak growth has frustrated markets as pledged stimulus has fallen short of expectations, including a smaller-than-expected cut in a key lending benchmark on Monday.
These moves are part of a deal among members of the Organization of the Petroleum Exporting Countries and its allies, a grouping know as OPEC+, to curb supplies and support prices.
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