Brent crude oil rises back to $60 a barrel

Brent crude oil rises back to $60 a barrel

Brent crude oil rises back to $60 a barrel

The U.S. Energy Information Administration earlier said domestic gasoline stockpiles surged by 8.07 MMbbl while stores of distillates, the class of fuels that includes diesel fuel and home heating oil, were up 10.6 million. -China trade talks and the Federal Reserve's interest rate policy.

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

"Responsible countries like the kingdom and other like-minded countries will continue to steward the market", Al-Falih said.

Crude is recovering from a slump of nearly 40 percent in the final three months of 2018.

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 Organisation of the Petroleum Exporting Countries as well as a non-OPEC member, Russia.

ANALYST'S TAKE: "The sentiment pendulum has swung from USA recession fears to optimism for a dovish Fed and positive US-China trade talks".

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However, as Nomura also points out, for WTI to maintain levels over $50, "systematic trend-followers would need to keep stably accumulating fresh long positions" and that would require an extended move higher, something which after the recent 10 day surge, is unlikely. "Coupled with OPEC+'s output curb efforts, prices are likely headed for the $55 mark".

West Texas Intermediate for February delivery lost as much as 86 cents to $51.50 a barrel on the New York Mercantile Exchange, and traded at $51.74 at 3:48 p.m.in Singapore.

Brent crude was down almost 1 per cent, or 60 cents, to $60.84 per barrel at 1400 GMT. In addition, the latest API report showed a much larger-than-expected drawdown in USA crude oil inventories - 6.1 million bbl. per week compared to expectations of 2.7 million bbl. - supporting the price of United States crude. It's also jumped more than 20 percent since December 24.

That marked the first time this year that WTI has topped $50 a barrel.

The main source of new supply is the United States, where crude oil production remained at a record 11.7 million barrels per day (bpd) in the week ending January 4, the Energy Information Administration (EIA) said on Wednesday. In Riyadh on Wednesday, Al-Falih said that still looks "more than sufficient" to stabilize prices, although he didn't rule out further action if necessary. The S&P 500 index gained 0.5 percent to 2,596.64. Negotiations were "extensive, in-depth and detailed", and laid the foundation for the resolution of issues of mutual concern, China's Ministry of Commerce said in a statement Thursday. Progress in ending the U.S. Growing investor optimism helped overshadow a government report showing a steep inventory jump for US gasoline and diesel, a bearish signal for future crude demand.

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