Oil Gains With Focus on Trade Talk Progress, US Crude Stockpiles
Oil gained on signs of progress in trade talks between the US and EU and an industry group report of a major drawdown in American crude inventories.
West Texas Intermediate advanced toward $64 a barrel after a US trade envoy said that trade negotiations with the European Union were “advancing quickly.”
In the US, the American Petroleum Institute reported that crude inventories dropped 3.28 million barrels last week. That would be the biggest drawdown since March if confirmed by official data later on Wednesday.
Limiting the rally, one Canadian operator restarted a site that had been shut down by fires. Blazes in Alberta had halted about 7% of Canada’s oil output at one point.
Prices
WTI for July delivery rose 0.6% to trade at $63.77 a barrel at 10:15 a.m. in New York.
Brent for August settlement was 0.3% higher to trade at $65.80 a barrel.
Source: Bloomberg