After falling for two consecutive days, WTI crude oil prices edged higher early on Friday following the release of a strong retail sales report from the US. At the time of writing, WTI crude oil is trading at around $55.11 per barrel.

In July, retail sales rose by 0.7%, allaying some concerns of an impending recession in the US economy. This shows that domestic consumption remains strong in the US markets, despite the ongoing US-China trade war.

Crude oil prices have also received support from news reports that Saudi Arabia and other OPEC members are exploring ways to balance oil supply in keeping with falling demand. However, rising outputs of US shale oil and higher crude inventories in the US continue to keep oil markets under pressure.