Oil Holds Gains as Investors Weigh Trade Talks, Supply Outlook
Thursday, 14 February 2019 07:57 WIB | ENERGY |MinyakWTIBrentOil,

Oil held gains as investors await outcome of high-level trade talks between the U.S. and China, while American imports and crude stockpiles at the nation's key storage hub declined.

Futures in New York were little changed after climbing 1.5 percent on Wednesday. President Donald Trump signaled progress in negotiations with China. Government data showed U.S. crude imports fell to the lowest since 1997 amid its sanctions on Venezuela and the OPEC+ coalition's supply cuts. Cushing inventories fell the most since September, offsetting an increase in nationwide stockpiles.

WTI for March delivery trades at $53.96/bbl on Nymex, gained 6 cents, at 9:31am in Tokyo. Contract rose 80 cents to $53.90 on Wednesday.

April Brent added $1.19 to $63.61/bbl on ICE Futures Europe exchange on Wednesday. Brent ended session at $9.30 premium to WTI for the same month.

Source: Bloomberg

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