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SYDNEY (Reuters) – Oil prices rose slightly on Thursday, buoyed by hopes that potential progress in the latest Sino-US tariff negotiations would improve the global economic outlook.
The West Texas Intermediate (WTI) crude futures price was $ 53.76 per barrel at 23:38 GMT, up 10 cents (0.2%) from their latest settlement. They closed up 1.5% Wednesday, after reaching their highest level since February 5 at 54.60 dollars a barrel.
Brent crude futures contracts had not been traded yet. They closed the previous session up 1.9%, after having scored their best performance since November 21st at $ 63.98 per barrel.
Optimism about the possibility of reaching a trade agreement between the United States and China was boosted when US President Donald Trump said the negotiations were going "very well."
"The 90-day truce (on trade) agreed in December will end on March 1, but given the evolution of the negotiations, an extension could be granted, which is why optimism is growing. as to the possibility that the two leaders will meet later in the month, "said Alfonso Esparza, Senior Market Analyst, OANDA.
But the increase in oil stocks in the United States has weighed on prices. Crude inventories in the United States rose last week and reached their highest level since November 2017, while refineries have reduced inventories to their lowest level since October 2017, the Energy Information Administration said Wednesday.
Crude oil inventories rose for the fourth consecutive week, rising 3.6 million barrels to 450.8 million barrels in the week to 8 February. Analysts polled by Reuters expect an increase of 2.7 million barrels.
The global oil market will struggle to absorb this high-growth supply outside the Organization of the Petroleum Exporting Countries, despite the group's production cuts and US sanctions on Venezuela and Iran, said Wednesday. the International Energy Agency.
(Report by Colin Packham, edited by Joseph Radford)
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