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2019-06-19 11:30:00

OIL PRICE: NOT ABOVE $63

OIL PRICE: NOT ABOVE $63 YET

REUTERS - Oil prices extended gains into a second session on Wednesday, buoyed by rekindled hopes for a U.S.-China trade deal and potential economic stimulus from the European Central Bank (ECB).

Tensions in the Middle East after tanker attacks there last week also supported oil markets.

Brent crude futures were up 20 cents, or 0.3%, at $62.34 a barrel by 0644 GMT. They rose 2% on Tuesday.

U.S. West Texas Intermediate crude gained 20 cents, or 0.4%, to $54.10 a barrel. The U.S. benchmark surged 3.8% in the last session.

In a post on Twitter, U.S. President Donald Trump said preparations were starting for him to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week.

Talks between the United States and China broke down last month after Washington accused the Chinese of backing away from previously agreed commitments.

Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese goods.

Meanwhile, ECB President Mario Draghi said on Tuesday that the central bank would ease policy again if inflation fails to accelerate, signaling a policy reversal as the trade war threatened his stimulus efforts.

However, data showing that Japan's exports fell for a sixth straight month in May dragged on markets.

Tensions in the Middle East after last week's tanker attacks remain high, with Trump saying he was prepared to take military action to stop Iran having a nuclear bomb but leaving open whether he would sanction the use of force to protect Gulf oil supplies.

Fears of a confrontation between Iran and the United States have mounted since last Thursday's attacks, which Washington has blamed on Tehran. Iran has denied involvement.

The U.S. is deploying about 1,000 more troops to the Middle East for what Washington said were defensive purposes, citing concerns about a threat from Iran.

Market participants are also waiting for a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month.

OPEC and non-OPEC states are discussing holding meetings on July 10-12 in Vienna, a date range proposed by Iran, OPEC sources said on Tuesday.

OPEC itself, however, is considering meeting on July 1-2, sources said, although it is still saying the meeting will be held on June 25-26 on its website.

U.S. crude stocks also fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday.

Estimates on crude stockpiles from the government's Energy Information Administration are due on Wednesday. 

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Earlier:

OIL PRICE: NOT ABOVE $63 YET
2019, June, 18, 17:50:00
OIL PRICE: NOT ABOVE $62 YET
Brent crude futures were trading 18 cents down at $60.76 a barrel by 1203 GMT. U.S. West Texas Intermediate crude futures lost 3 cents to $51.90.
OIL PRICE: NOT ABOVE $63 YET
2019, June, 17, 13:25:00
OIL PRICE: ABOVE $61 ANEW
Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0750 GMT, having gained 1.1% on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session.
OIL PRICE: NOT ABOVE $63 YET
2019, June, 14, 11:20:00
OIL PRICE: ABOVE $61 AGAIN
Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2% in the previous session, but is on course for a weekly decline of 3.2%.
OIL PRICE: NOT ABOVE $63 YET
2019, June, 13, 16:50:00
OIL PRICE: NOT ABOVE $63 ANEW
Brent crude futures were up $1.91, or 3.18%, at $61.88 a barrel by 1039 GMT, having risen as much as 4.45% to $62.64. U.S. West Texas Intermediate crude futures were up $1.42, or 2.78%, at $52.56 a barrel. WTI earlier rose as much as 3.85% to $53.11.
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Tags: OIL, PRICE, BRENT, WTI