Oil prices rise for fifth day after USA stocks decline

Oil prices rise for fifth day after USA stocks decline

Oil prices rise for fifth day after USA stocks decline

Oil prices extended gains on Tuesday as market participants are betting that the U.S. Federal Reserve would lower interest rates later this week, potentially boosting energy demand.

Brent crude rose $0.63 to $64.34 a barrel by 1127 GMT.

In Shanghai, U.S. -China trade talks are taking place in an effort to end a year-long trade war. Brent posted a monthly decline of 2.1%.

The West Texas Intermediate for September delivery gained 0.53 US dollar to settle at 58.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery rose 0.45 dollar to close at 65.17 dollars a barrel on the London ICE Futures Exchange.

Crude inventories fell by six million barrels to 443 million barrels in the week ended July 26, against a forecast for a drop of 2.6 million barrels in a Reuters' poll of analysts.

"We believe this week's price advance is attributable to. some renewed algorithmic related buying. associated with some positive technical signals", said Jim Ritterbusch of Ritterbusch and Associates, noting the oil complex also appears to be pricing in a bullish USA inventory report.

In distillate fuels, the authority reported a 900,000-barrel fall, which compared with an increase of 600,000 bpd a week earlier.

"These are bullish numbers across the board".

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Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.

The U.S. Federal Reserve is expected to conclude its two day meeting by announcing an cut to interest rates on Wednesday afternoon, with the market expecting a drop of of 25 basis points. The central bank signaled a readiness to lower borrowing costs further if needed.

US President Donald Trump said a small rate cut "is not enough".

Libya's Sharara oilfield, the country's largest, shut on Tuesday after a problem with a valve on the pipeline linking it to the Zawiya oil terminal.

OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by US sanctions on Iran and outages elsewhere in the group, a Reuters survey found.

Backwardation in Brent LCOc1-LCOc2, a market structure in which later-dated contracts trade at lower levels than near-term contracts, has to a large extent evaporated, signalling a well-supplied market despite OPEC-led output cuts and USA sanctions on oil producers Iran and Venezuela.

USA economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.

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