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Author: Tan KW   |   Latest post: Sun, 26 May 2019, 4:10 PM

 

Oil rises towards US$57 on US-China trade talks

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LONDON: Oil rose towards US$57 after China said it would hold talks with the United States to look for solutions to a trade dispute, while signs of lower crude supply also supported prices.
 
The Organisation of the Petroleum Exporting Countries (Opec) cut crude output in December, a Reuters survey showed, and the American Petroleum Institute (API) reported a drop in US crude inventories.
 
Brent crude, the global benchmark, rose 84 US cents to US$56.79 a barrel by 0932 GMT. US crude oil was up 81 US cents at US$47.90.
 
“Jitters over the health of the global economy look set to endure but are being lost on the oil market, at least for the time being,” said Stephen Brennock of oil broker PVM.
 
“That said, whether this bout of price strength can be sustained is far from certain.”
 
Oil gained further support from the latest supply report from the API industry group, which said on Thursday that US crude stocks fell by 4.5 million barrels last week.
 
Both benchmarks are on track for solid gains in the first week of 2019 trading despite rising concerns that the China-US trade war will lead to a global economic slowdown. — Reuters 
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