2019-08-28 13:05:00
OIL PRICE: NEAR $60 AGAIN
REUTERS - Oil prices rose on Wednesday, with U.S. crude gaining 1.3% after an industry report showed stockpiles in the United States, the world's biggest oil user, fell more than expected, easing worries about economic growth due to the China-U.S. trade war.
Brent crude futures LCOc1 climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 70 cents, or 1.3%, to $55.63 a barrel.
U.S. crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million-barrel draw, data from industry group the American Petroleum Institute (API), showed.
The U.S. government's weekly report is due Wednesday morning and if the official numbers confirm the API data then it will be the biggest weekly decline in nine weeks.
Still, concerns about global growth amid the raging trade war between the United States and China, the world's two biggest crude oil consumers, are likely to cap gains.
U.S. President Donald Trump said on Monday that he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations.
On Tuesday, however, concerns about trade resurfaced after China's foreign ministry said it had not heard of any recent telephone call between the United States and China on trade, and that it hopes Washington can stop its wrong actions and create conditions for talks.
Crude oil prices have fallen about 20% from 2019 highs hit in April, partly because of worries that the U.S.-China trade war is hurting the global economy and could dent oil demand.
China's Commerce Ministry last week said it would impose additional tariffs of 5% or 10% on 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.
In retaliation, Trump said he was ordering U.S. companies to look at ways to close operations in China and make products in the United States.
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Earlier:
2019, August, 26, 15:55:00
OIL PRICE: NEAR $60 YET
Brent was up 38 cents, or 0.64%, at $59.72 a barrel, WTI was up 54 cents, or 1%, at $54.71 a barrel.
2019, August, 23, 11:20:00
OIL PRICE: NEAR $60 ANEW
Brent rose 29 cents, or 0.5%, to $60.21 a barrel, WTI were at $55.53 a barrel, up 18 cents, or 0.3%.
2019, August, 21, 12:35:00
OIL PRICE: ABOVE $60
Brent had gained 26 cents, or 0.43%, to $60.29 a barrel, WTI was up 3 cents, or 0.05%, at $56.16 a barrel.
2019, August, 19, 11:50:00
OIL PRICE: NEAR $59 YET
Brent was up 55 cents, or about 0.9%, at $59.19 a barrel, WTI were up 57 cents, or 1%, at $55.44 a barrel.
2019, August, 16, 10:50:00
OIL PRICE: NEAR $59
Brent was up 52 cents, or 0.9%, at $58.75 a barrel , U.S. crude was up 65 cents, or 1.2%, at $55.12 a barrel
2019, August, 14, 12:25:00
OIL PRICE: NEAR $61 YET
Brent crude was down 46 cents, or 0.8%, at $60.84 a barrel at 0639 GMT, after rising 4.7% on Tuesday, the biggest percentage gain since December. U.S. oil was down 62 cents, or 1.1%, at $56.48 a barrel, having risen 4% the previous session, the most in just over a month.
2019, August, 13, 13:50:00
OIL PRICE: NEAR $58 ANEW
Brent crude futures were down 20 cents or 0.3% from the previous settlement at $58.29, WTI futures were at $54.69 per barrel
