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Oil Climbs From Near Two-Month Low as Trade Talks to Resume


Tuesday, 8 October 2019 09:17 WIB

Minyak WTI


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Oil rose from near a two-month low as hope the U.S. and China can make progress in trade talks offset forecasts for a fourth weekly gain in American crude stockpiles.

Futures added 0.6% in New York after closing 0.1% lower Monday. Vice Premier Liu He, China's chief trade negotiator, is set to meet with his counterparts from Thursday. U.S. inventories probably expanded by 1.95 million barrels last week for the longest run of gains since February, according to a Bloomberg survey.

West Texas Intermediate for November delivery gained 33 cents to $53.08 a barrel on the New York Mercantile Exchange as of 10:08 a.m. Singapore time after climbing as much as 0.7% earlier. The contract fell 6 cents to close at $52.75 on Monday, near the lowest level since early August.

Brent for December settlement increased 34 cents, or 0.6%, to $58.69 a barrel on the ICE Futures Europe Exchange after closing little changed on Monday. The global benchmark crude traded at a $5.66 premium to WTI for the same month.

Source: Bloomberg


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