Oil rallied today, surging back up towards $57, as plans for a meeting between the U.S. and China offered a hint of progress in the US-China trade war.

“Some of the soft demand numbers we’ve had in the last few months have definitely been the impact of the trade war,” said Leo Mariani, a KeyBanc Capital Markets Inc. analyst. “There’s been reticence in doing much until there’s more clarity on how that will end.”

API

• Crude -10.961mm
• Cushing -448k
• Gasoline +4.436mm - biggest build since Jan
• Distillates +1.42mm

A major crude draw (the 6th weekly draw in a row) was offset by a big build in gasoline stocks (biggest rise since January)...

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WTI spiked above $57 on the big crude draw but quickly fell back as perhaps the ongoing gasoline build continues...

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