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U.S. oil futures settle higher on crude-supply decline expectations, reports of upcoming U.S.-China trade talks


Wednesday, 24 July 2019 01:53 WIB

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U.S. oil futures gave up earlier losses Tuesday to finish with a gain, ahead of government data that are expected to reveal a fall in domestic crude supplies for a sixth week in a row.

Analysts polled by S&P Global Platts forecast a decline of 4.4 million barrels in crude stocks for the week ended July 19. Oil prices also got a late-session boost from news that "the British military has approached its [European Union] allies to discuss [a] mission of protecting ships traveling through the Strait of Hormuz, and news of face-to-face, U.S.-China trade negotiations next week," said Tyler Richey, co-editor at Sevens Report Research.

September West Texas Intermediate oil rose 55 cents, or 1%, to settle at $56.77 a barrel on the New York Mercantile Exchange.

Source : MarketWatch


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