Oil prices rose as the US market opened on Thursday after falling earlier in the European market, making its first gain in four days, as US crude rebounded from a two-month low on hopes of resolving US-China trade dispute. In the world, and curb the increase in the fears of the abundance of American supply.
US crude rose to $ 65.15 a barrel from $ 64.91, recording a high of $ 65.26 and a low of $ 64.43 since June 21.
Brent crude rose to $ 71.15 per barrel from the opening level of $ 70.66, and recorded a high of $ 71.28, and a low of $ 70.39.
US crude oil was down 2.6% on Wednesday, and Brent fell 1.9% after the US Energy Agency’s weekly report.
Beijing – A leveling delegation will travel to the United States late this month for new trade talks, raising hopes of resolving the trade dispute between the world’s biggest oil consumers, Beijing said on Thursday.
The upsurge in the US-China trade dispute prompted international institutions to reduce demand for oil in the coming period. OPEC cut global demand growth to 1.43 million bpd in 2019 from 1.64 million bpd in 2018.
US Energy Agency announced yesterday that the country’s trade inventories rose by 6.8 million barrels in the week ending August 10, contrary to experts’ expectations of a 2.6 million barrel drop, the second increase in the last three weeks.
According to the data, total US commercial inventories rose to 414.1 million barrels, the highest level since the week ending June 29, in a negative sign of demand levels in the world’s largest oil consumer.
For the US production, the Energy Agency announced last week’s increase by 100 thousand barrels, bringing the total to 10.90 million barrels per day, the first increase in the last three weeks, close to the record level of 11.0 million barrels.