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LONDON. — Oil steadied above $64 a barrel yesterday as an industry report showing a surprise boost in US crude inventories was offset by optimism about a US-China trade deal being agreed soon.
Oil industry group the American Petroleum Institute on Tuesday said US crude inventories rose by 3,6 million barrels, compared with analysts’ expectations for a decrease.
Brent crude LCOc1 was up 20 cents at $64,47 a barrel by 1118 GMT, while US West Texas Intermediate crude CLc1 was 7 cents higher at $58,48.
Oil had risen for the last two days on expectations that China and the United States, the world’s two biggest crude oil users, would soon sign a preliminary agreement beginning an end to their 16-month trade dispute.
“Trade deal optimism persists,” said Tamas Varga of oil broker PVM. “The belief in a positive trade deal continues unabated.” — Reuters.
Online Reporter