Oil extended gains from a three-month high as industry data signaled a limited increase in American crude stockpiles, and on signs that the U.S. and China are moving closer to a trade deal.
Futures rose 0.7 percent in New York. The American Petroleum Institute was said to report nationwide crude inventories climbed 1.26 million barrels last week. That’s less than half the 3.1 million-barrel gain forecast in a Bloomberg survey before government data due Thursday. U.S. and Chinese negotiators are working on multiple memorandums of understanding that would form the basis of a final trade agreement, according to a person briefed on the talks.
West Texas Intermediate for April delivery rose 39 cents to $57.55 a barrel on the New York Mercantile Exchange at 11:06 a.m. in London. The March contract expired after rising 83 cents to $56.92 on Wednesday, the highest settlement since Nov. 12.
Brent for April settlement rose 16 cents to $67.24 a barrel on the London-based ICE Futures Europe exchange. The contract increased 63 cents to settle at $67.08 on Wednesday. The global benchmark crude was at a $9.72 premiumover WTI for the same month.