Crude Gains as Trade Tensions Ease

Crude Gains as Trade Tensions Ease

Crude Gains as Trade Tensions Ease

With Chinese markets closed last Thursday and Friday, Shanghai crude futures ISCc1 played catch-up on Monday, dropping 0.2 percent to around 401.4 yuan ($63.73) per barrel.

In its monthly short-term energy outlook, the agency forecast that US crude oil output will rise by 750,000 barrels per day (bpd) to 11.44 million bpd next year.

In physical oil markets, OPEC's number two producer Iraq said on Monday that it is keeping prices for its crude supplies in May steady. Both have erased their losses from last week, when concerns over a possible trade war between the two largest economies contributed to declines of more than 4 percent.

Brent crude futures rose $2.56 to $71.21 a barrel, a 3.7 percent gain, by 3:12 p.m. EDT.

"Reports that back-channel talks over the trade dispute between the USA and China are ongoing helped soothe investor angst", it added.

Concerns of a prolonged trade dispute between the world's two biggest economies and uncertainty over the supply and demand balance of global oil markets have resulted in volatile recent trading.

"Oil prices remain rangebound with WTI oil right in the middle of the $60-$65 per barrel range that has largely held since January of this year", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

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Further price swings are in store for later this afternoon, as the American Petroleum Industry releases its most recent figures that quantify U.S. crude oil, gasoline, and distillate inventory at 4:30pm EST. "This week's data may be crucial for determining the direction of WTI", he added.

Official data from the Energy Information Administration will be released today, amid forecasts for an oil-stock gain of around 0.2 million barrels.

However, soaring USA crude production, which has jumped by a quarter since mid-2016, threatens to undermine Opec's efforts.

Trump said on Monday that China's 25 percent tariff on imported autos was significantly higher than the 2.5 percent tariff that the USA charges for foreign cars.

The U.S. late previous year overtook Saudi Arabia as the world's second-biggest crude producer.

The Saudis want oil prices near $80 to help support the valuation of Saudi Aramco ahead of its IPO, Bloomberg reports.

That will likely make the United States the world's biggest oil producer by 2019, surpassing Russian Federation which now pumps out nearly 11 million bpd.

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