Crude Gains as Trade Tensions Ease

Oil pump jack

A trade dispute between the US and China could lead to slower economic growth that would limit oil demand.

Analysts said Xi's comments greatly relieved market anxiety for a potential trade war between the world's two largest economies.

One of the immediate factors helping to lift Brent above $70 was Trump's Monday promise to respond "forcefully" to the suspected chemical attack in Syria.

The global oil marker rose as much as 3.9% to $71.34 a barrel, blowing past its recent January peaks to reach a level last seen in December 2014.

West Texas Intermediate crude futures CLc1 gained 3.3 percent, or $2.09, to settle at $65.51 a barrel. The settlement was the highest since March 26, according to FactSet data.

The U.S. late previous year overtook Saudi Arabia as the world's second-biggest crude producer. But prices began to retrace losses Monday afternoon after American and Chinese officials moved to soften their rhetoric (http://www.marketwatch.com/story/trump-administration-dials-down-the-rhetoric-on-china-tariffs-2018-04-08) over the trade spat. "Usually, what the Saudis want, the Saudis get", said Flynn.

OANDA's Innes said the API report had "temporarily taken a bit of wind out of the market".

The report comes a week after Crown Prince Mohammed first told Time magazine that he expected Aramco's public launch to coincide with higher oil prices.

Humiliation for Corbyn: Labour leader squirms over Maureen Lipman's quit calls
The announcement was made via a statement by a party spokesperson, who quoted a letter written by leader Avi Gabbay to Corbyn. Israeli Labour is part of the "Zionist Union" faction in Israel's Knesset that controls 24 of the legislature's 120 seats.

In its monthly short-term energy outlook, the agency forecast that US crude oil output will rise by 750,000 barrels per day (bpd) to 11.44 million bpd next year.

Adding to rising storage levels, the U.S. Energy Information Administration (EIA) said on Tuesday that it expects domestic crude oil production in 2019 to rise by more than previously expected, driven largely by growing United States shale output.

USA crude inventories rose by 1.8 million barrels in the week to April 6 to 429.1 million, according to a report by the American Petroleum Institute (API) on Tuesday, compared with analysts' expectations for a decrease of 189,000 barrels.

In the oil market, US crude inventories may have fallen by 1.4 million barrels last week, according to a Bloomberg survey before government data on Wednesday.

Record U.S. crude production is also threatening efforts by the Organization of Petroleum Exporting Countries and its allies to curtail output and drain a global glut.

May natural gas ended at $2.656 per million British thermal units, down 1.4%.

Among refined products, May gasoline rose 2.9% to $2.041 a gallon and May heating oil added 3.4% to $2.065 a gallon.

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