OIL PRICE: ABOVE $59

REUTERS - Oil prices rose by around 1 percent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.42 per barrel at 0752 GMT, up 64 cents, or 1.3 percent, from their last settlement. That marked the first time this year that WTI has topped $50 a barrel.

International Brent crude futures LCOc1 were up 69 cents, or 1.2 percent, at $59.41 per barrel.

Both crude price benchmarks had already gained more than 2 percent in the previous session.

"Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the U.S. and China," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

"After a dreadful December for risk markets, crude oil continues to catch a positive vibe," Innes said.

The oil price jumps were in line with Asian stock markets, which climbed to 3-1/2 week highs on Wednesday.

Trade talks in Beijing between the world's two biggest economies entered a third day on Wednesday, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China's markets.

State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

Citing the trade tensions, the World Bank expects global economic growth to slow to 2.9 percent in 2019 from 3 percent in 2018.

"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead," World Bank Chief Executive Officer Kristalina Georgieva said in a semi-annual report released late on Tuesday.

More fundamentally, however, oil prices have been receiving support from supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

The OPEC-led cuts are aimed at reining in an emerging supply overhang, in part because U.S. crude oil output surged by around 2 million barrels per day (bpd) in 2018, to a record 11.7 million bpd.

Official U.S. fuel storage data from the Energy Information Administration (EIA) is due at 1800 GMT on Wednesday.

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Earlier: 

2019, January, 7, 10:00:00 OIL PRICE: NEAR $58 REUTERS - Brent crude futures LCOc1 were at $57.86 per barrel at 0538 GMT, up 80 cents, or 1.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.77 per barrel, up 81 cents, or 1.7 percent.

2019, January, 7, 09:50:00 IRAQ'S OIL PRODUCTION: 4.513 MBD REUTERS - Iraq said on Friday it was committed to the OPEC+ output-cutting deal and would keep its oil production at 4.513 million barrels per day for the first half of 2019.

2019, January, 7, 09:45:00 LIBYA'S OIL REVENUE UP 78% REUTERS - Libya’s oil revenue rose to $24.4 billion in 2018, up 78 pct from 2017, Libya’s National Oil Corporation (NOC) said in statement on Sunday.

2019, January, 4, 12:10:00 OIL PRICE: ABOVE $56 REUTERS - Brent crude futures LCOc1 were at $56.33 per barrel at 0638 GMT, up 38 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $47.73 per barrel, up 64 cents, or 1.4 percent.

2019, January, 4, 12:05:00 ЦЕНА URALS: $70.01 МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – декабря 2018 года составила $ 70,01 за баррель. В 2017 году средняя цена на Urals в январе – декабре составила $ 53,03 за баррель. Средняя цена на нефть марки Urals в декабре 2018 года сложилась в размере $ 57,59 за баррель, что в 0,9 раза ниже, чем в декабре 2017 года ($63,61 за баррель)

2019, January, 4, 12:00:00 RUSSIA'S OIL PRODUCTION: 11.16 MBD REUTERS - Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed.

2019, January, 4, 11:55:00 OIL PRICE LEVEL: $60 - 70 MEOG - A $60-70 per barrel oil price level appears adequate to incentivise sufficient long-term supply. The cost to develop both tight oil resources and conventional upstream oil projects has declined significantly since the oil price collapse of 2015-16.