OPEC and its allies said this week they expect to deplete the global oil surplus with their cuts, and falling inventories in America are indicating some level of success. WTI Crude is $56.14; Brent is $61.00 this morning.
Last week's 10 million-barrel drop in American crude inventories signals that oil-output cuts by OPEC and its allies are having the desired impact on global supply. WTI Crude is $56.27; Brent is $60.52 this morning.
Overnight, the energy markets were given a shot of bullish adrenaline by a supportive API report. U.S. crude stockpiles plummeted by 11.1 million barrels last week compared with expectations for a 2-million-barrel draw. WTI Crude is $55.71; Brent is $60.17 this morning.
Economic uncertainty has not been lifted, which leaves a fair degree of hesitancy in going long in oil. Crude is still down this month as the trade war weighs on the demand outlook for oil. WTI Crude is $54.32; Brent is 59.30 this morning.
Oil jumped after U.S. President Donald Trump said that China wanted to restart trade talks, potentially easing escalating tensions between the two countries. WTI Crude is $54.71; Brent is $59.77 this morning.
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