Thursday, 5 December 2019 07:45 WIB |
Oil held firm in Asian trading Thursday after surging on increasing optimism for a U.S.-China trade deal, a sharp drawdown in U.S. crude inventories, and as OPEC and its allies prepared to discuss extending or possibly deepening output limits.
Futures in New York were little changed after surging 4.2% on Wednesday. The U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal, people familiar with the talks said. That revived hopes for a quick end to the demand-killing dispute that has dragged on for over a year.
The U.S. Energy Information Administration reported a 4.856 million barrel draw in crude stockpiles last week, a bigger drop than analysts had expected, adding to the market™s bullish tone.
West Texas Intermediate for January delivery was up 1 cent at $58.44 a barrel on the New York Mercantile Exchange at 10:27 a.m. Sydney time. Jan. WTI jumped $2.33 to settle at $58.43 a barrel on Wednesday.
Brent for February settlement advanced $2.18 to end at $63 on the London-based ICE Futures Europe Exchange.
Source : Bloomberg