Oil Rises on Possible Trade Agreement

President Xi Jinping on Tuesday promised to open China's economy further and lower import tariffs, striking a conciliatory tone on the trade tensions between his country and the United States.

In post-settlement trading, Brent hit $71.34, its highest since December 2014.

U.S. West Texas Intermediate crude for May delivery was up 19 cents, or 0.3 percent, at $63.56 a barrel by 0140 GMT after settling down 14 cents.

Oil markets rose for a second day on Tuesday on hopes that a trade dispute between the United States and China, the world's two biggest crude consumers, may be resolved without greater damage to the global economy, Reuters reports. "The odds of a coordinated response to the chemical-weapon attack in Syria (http://www.marketwatch.com/story/trump-issues-warning-after-dozens-killed-in-apparent-chemical-weapons-attack-in-syria-2018-04-08) is making short selling more risky".

"If China was to impose counter tariffs on USA crude, it would become quickly very heavy for the US supply and demand picture, resulting in US crude oil price pressure that would have a negative impact on global oil prices", according to Petromatrix.

Prices of both crude benchmarks have risen more than 5 percent in the past two trading days.

Syria says suspected U.S. missiles fired at air base; Washington denies strike
SANA reported that there were deaths and injuries as a result of the attack but did not give exact figures. Nebenzia alleged that the anti-government forces had chemical weapons and could stage an attack.

Saudi Arabia Energy Minister Khalid al-Falih said on Wednesday that the world's biggest exporter of crude oil will not sit by and let another supply glut surface, implying that the de-facto leader of the oil producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) would continue to withhold supply in order to tighten markets and prop up prices.

"Oil markets are getting a bounce on increasing speculation about Trump and Syria", Streible said.

And "Russia with sanctions in place will also need to comply as they cant afford to risk a break in the price of oil", he said.

Official data from the Energy Information Administration will be released today, amid forecasts for an oil-stock gain of around 0.2 million barrels.

USA crude inventories fell by 4.6 million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, EIA data showed on Wednesday. Analysts polled by S&P Global Platts expect the agency to report a weekly rise of 100,000 barrels in crude stockpiles, along with declines of 2 million barrels in gasoline and 1.2 million barrels in distillate supplies.

Related news:

Hot News

isis-killer-beheading-video-story-top 'China Will Take Down Its Trade Barriers'
Apr 10, 2018 - 20:21
White House trade adviser Peter Navarro told NBC's Meet The Press that "we're moving forward in a measured way". The China trade issues should be handled in "a much more calculated way", Crowley said.

isis-killer-beheading-video-story-top Bill Cosby Prosecutors Open Retrial Detailing Investigation
Apr 10, 2018 - 20:18
The case was declared a mistrial a year ago after the jury failed to reach a verdict following six days of deliberation. A Bill Cosby accuser's lawyer says the defence is trying to smear the woman by bringing up her criminal past.

isis-killer-beheading-video-story-top Phil Mickelson turns attention toward career grand slam quest
Apr 10, 2018 - 20:17
Making up the numbers is uncharted territory and Mickelson's post-round comments were tinged with sadness. Disappointed in his showing this week, Mickelson will turn his attention toward the next major - the U.S.

isis-killer-beheading-video-story-top Vettel marks 200th race with thrilling win
Apr 10, 2018 - 20:14
The top three soon broke away from the rest of the pack, while there was plenty of action going with the remainder of the grid. The gap dipped below five seconds heading towards the final 10 laps, and suddenly Vettel's lead began to quickly diminish.

isis-killer-beheading-video-story-top Man develops thunderclap headaches after eating Carolina Reaper, world's hottest pepper
Apr 10, 2018 - 20:10
Thunderclap headaches are severe, sudden, with quick pains that strike like a clap of thunder rumbling through your skull. The Reaper has been measured at more than 2 million Scoville heat units, the accepted scale for how hot peppers are.

isis-killer-beheading-video-story-top Joe ready to put his Hart into Hammers
Apr 10, 2018 - 19:50
Joe Hart retains his place between the sticks for West Ham. "I thought I saw a definite movement with his knee towards Jack". For West Ham, it was a valuable point in their fight to beat the drop, with a sizable advantage now over the bottom three.

isis-killer-beheading-video-story-top Zidane: Madrid Will Not Give Barcelona A Guard Of Honour
Apr 09, 2018 - 01:12
Asked about the seemingly pre-planned sub after the match, Zidane told reporters: "It was just to rest". He said: "They're all important for me and he'll be an important player until the end of the season".

isis-killer-beheading-video-story-top Hopping the Wall Into Trump's USA , in Under 2 Minutes
Apr 09, 2018 - 01:09
He and his family moved to the Rio Grande Valley in South Texas from a border town in Mexico when Villarreal was just a child. She noted that women who are part of the caravan praised it as a much safer alternative to traveling alone or with smugglers.

isis-killer-beheading-video-story-top Sheryl Sandberg Says Facebook Users Would Have to Pay for Total Privacy
Apr 09, 2018 - 01:09
Currently, users can only delete messages from their own inboxes which will still show up in the recipient's thread. People come on to Facebook , they want to do targeted ads, and that's really important for small business.

isis-killer-beheading-video-story-top PM Narendra Modi lacks guts to face Congress in Parliament: Rahul Gandhi
Apr 09, 2018 - 01:09
Gandhi will tour in Kolar, Chikkaballapura and Bengaluru as part of his sixth leg of poll campaign in the state, party sources said.

isis-killer-beheading-video-story-top Apple To Replace Intel Chips In Macs With Custom Processor By 2020
Apr 09, 2018 - 01:06
Apple has to walk the fine line of moving away from Intel chips without sacrificing the speed and capabilities of its Macs. Apple didn't say anything in reaction and so Intel said that "We don't comment on speculation about our customers".

isis-killer-beheading-video-story-top Orban nearly certain of fourth term as Hungary votes
Apr 09, 2018 - 01:04
But as Chairman of the Party, Vona has gradually brought Jobbik into the mainstream in the hope of widening its political base. Orban is expected to continue his economic policies, with income tax cuts and incentives to boost growth, analysts have said.

isis-killer-beheading-video-story-top Kim will never give up his nuclear weapons, say MPs
Apr 08, 2018 - 02:14
Trump and Kim are expected to have a sitdown for a major peace summit during May. He said the historic change is a precious achievement realized by leader Kim.

isis-killer-beheading-video-story-top Spurs condemn Stoke to fourth straight defeat
Apr 08, 2018 - 02:13
I swear it was my goal, you've got to take my word for it. "It's the three points that are the most important for us". "Our target is to finish in the top four, possibly second, which is better than third or fourth".

isis-killer-beheading-video-story-top USA imposes fresh Russian sanctions, Deripaska hit hardest
Apr 08, 2018 - 02:11
Associated Press writers Matthew Lee and Catherine Lucey in Washington and Vladimir Isachenkov and Nataliya Vasilyeva in Moscow contributed.