Oil gained after an American official hinted that the U.S. and China are close to locking down a partial trade deal, offsetting rising global oil supplies. Futures rose as much as 0.9% in New York Friday morning after White House economic adviser Larry Kudlow said late Thursday negotiations between the two countries were coming down to the final stages. U.S. government data Thursday showed stockpiles unexpectedly expanded as production rose to a record, while the International Energy Agency said supplies outside OPEC will increase by 2.3 million barrels a day in 2020.
Overall though, “the market seems to have some optimism regarding the optimism behind trade talks.” said Gene McGillian, senior analyst and broker for Tradition Energy Group in Stamford, Connecticut. Yet, “we continue to see expectations of growing non-OPEC production.” Read more
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