Oil continued to rise on Wednesday after rising almost 4% in the previous session on new hopes that the United States and China would reach a trade agreement and end the ongoing conflict between them. US President Donald Trump said the two countries would resume trade negotiations today and said he would meet his Chinese counterpart Xi Jinping at the upcoming G-20 summit in Osaka.
Crude oil prices also boosted the decline in US oil inventories after private data from the US Petroleum Institute (API) showed a decline in US inventories by 812,000 barrels last week. Official figures from the US Energy Information Administration (EIA) will be released later today.
US crude inventories fall by 812,000 barrels
The US Petroleum Institute (API) said in its weekly report released on Tuesday that crude stocks in the United States fell by 812 thousand barrels for the week ending on June 14. Reserves at the Cushing Industrial Center, Oklahoma, grew by about 520,000 barrels.
In addition, the report showed an increase in stocks slightly less than 1.46 million barrels in the volume of gasoline while distillation supplies decreased by 50,000 barrels.
Reports: A foreign oil company in Basra hit a missile
According to media reports that the headquarters of a foreign oil company in Basra, Iraq, was hit by a missile. Two Iraqi employees were wounded in the blast, police officials said. Unidentified oil workers claimed three explosions in the Burjisiya area within the southern oil fields, where ExxonMobil, Royal Dutch Shell, and EneSp are operating. Security sources told Reuters that Exxon plans to evacuate 20 foreign staff from Basra. Currently, there is no information about the perpetrators.
Oil contracts
- Brent crude for delivery in August rose 0.48% to sell versus $ 62.48 a barrel at 09:53 CET
- The WTI rose 0.33% to $ 54.08 a barrel at 09:50 CET.
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