Oil inventories in United States rise

Trade conflict between United States, China continues to affect oil prices |

West Texas Intermediate Crude oil futures for January ended up $1.57, or about 2.8%, at $58.58 a barrel on Thursday, the highest settlement in about two months.

Crude inventories at Cushing, Oklahoma, fell by 2.3 million barrels to the lowest level in about a month.

Russian Federation and other oil producers have agreed with OPEC to cut 1.2 million barrels per day of output through March to bolster prices, a producer group known as OPEC+.

Oil prices were trading down on Tuesday prior to the data release as analysts suspected U.S. oil inventories had increased last week, in combination with stalled trade talks between China and the United States, and Russia's balking at the prospect of deeper oil production cuts.

"We expect uneasy talks in December".

BNP Paribas raised its oil price forecasts for this year and 2020 from its previous estimates, citing increased refinery throughputs due to upcoming new regulation on shipping fuels. But Jim Ritterbusch, president of Ritterbusch and Associates, was dismissive of supply concerns. "But that doesn't change the fundamental picture that was bringing down prices over the past two weeks, concerns about future demand and supply", she said. The long-running dispute has hit economic growth prospects. -China trade deal, and along with it the health of the global economy.

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"We're certainly seeing less momentum in the recent rallies".

Total Crude Exports increased by 394,000 barrels per day to 3.0 million barrels per day. "Total products supplied over the last four-week period averaged 21.3 million barrels per day, up by 0.2% from the same period past year", the EIA added in its press release.

Weekly U.S. inventories data is scheduled to be released Wednesday, prompting speculation that the report will show another increase in supply.

"These events contribute to a sense of increasing tensions in the Middle East and explain why we have an uptick in the oil price today", said SEB chief commodities analyst Bjarne Schieldrop.

In Iraq on Thursday, seven people were killed when security forces shot live fire and tear gas canisters at demonstrators in Baghdad, security and medical sources said, in renewed deadly violence as authorities seek to crush anti-government protests.

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