Oil headed for its biggest weekly gain since mid-July after a sizable drop in American crude inventories and an apparent pause in U.S.-China trade hostilities eased demand fears.
Futures in New York edged lower Friday and are up 4.4% for the week. China said Thursday that it wouldn’t immediately retaliate against the latest White House tariff increase, spurring optimism that Beijing wants to reach a deal. U.S. crude stockpiles fell by more than 10 million barrels to the lowest level since October 2018, data released Wednesday showed.
West Texas Intermediate for October delivery declined 16 cents, or 0.3%, to $56.55 a barrel on the New York Mercantile Exchange as of 10:29 a.m. in Singapore after closing 1.7% higher Thursday in a third day of gains. The contract is up $2.38 since Aug. 23, heading for the biggest weekly gain since July 12.
Brent for October settlement fell 14 cents to $60.94 a barrel on the ICE Futures Europe Exchange. It advanced 1% Thursday and is up 2.7% this week. The global benchmark crude traded at a $4.41 premium to WTI.
Source : Bloomberg