The American Petroleum Institute reported that U.S. crude supplies rose by 5.4 million barrels for the week ended Nov. 30. API data also showed stockpile increases of 3.6 million barrels in gasoline and 4.3 million barrels in distillates. WTI Crude is $52.64; Brent is $61.31 this morning.
Crude is bouncing back from its latest dip on optimism top oil exporters will tackle the risk of oversupply even though Moscow and Riyadh have yet to agree on details. Oil’s also getting a boost from the easing trade tensions between America and China. WTI Crude is $54.05; Brent is $63.11 this morning.
Oil prices leap as the United States and China agree to a 90-day truce in their trade dispute ahead of this weeks OPEC meeting that is expected to announce supply cuts. WTI Crude is $53.06; Brent is $61.68 this morning.
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