Oil gains on surprise drawdown in United States crude inventories

An Oil Price Rally Is Likely

Following Xi's speech, Asian stocks and US futures jumped in Asian morning trading.

"There seems to be a slightly more conciliatory tone coming from both sides" in the trade spat, Neil Atkinson, head of the oil-markets and industry division at the International Energy Agency, said in a Bloomberg television interview.

The president met with military officials in the White House Monday to discuss the administration's response to an alleged chemical weapons attack carried out by Syrian President Bashar Assad 's government against its own people.

Brent crude futures were at US$69.62 per barrel at 0651 GMT, up 96 cents, or 1.4 per cent, from their last close.

On the New York Mercantile Exchange, May West Texas Intermediate crude tacked on $2.09, or 3.3%, to settle at $65.51 a barrel.

The statement addresses one of the grievances of US President Donald Trump, who has requested US trade officials last week to consider imposing another $100 billion in tariffs on Chinese products. The settlement was the highest since March 26, according to FactSet data.

"There is a risk for oil prices that China uses the bazooka option it has on US crude oil exports".

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Further price swings are in store for later this afternoon, as the American Petroleum Industry releases its most recent figures that quantify USA crude oil, gasoline, and distillate inventory at 4:30pm EST.

"The Saudis are fully committed to getting oil to $80 a barrel".

In other energy news Tuesday, the U.S. Energy Information Administration raised its 2018 and 2019 price forecasts for WTI and Brent crude. "The Saudis are confirming what they have already told us and that is that they will do whatever it takes to reduce excess oil inventory and drive prices to what they see is a fair level".

The EIA's weekly petroleum supply data are due Wednesday. That would be a second week of declines after a surprise drop of 4.6 million barrels a week earlier.

The West Texas Intermediate (WTI) for May delivery rose 2.09 USA dollars to settle at 65.51 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 2.39 dollar to close at 71.04 dollars a barrel on the London ICE Futures Exchange.

Prices have been supported so far this year by healthy demand and supply restraint led by the Organization of the Petroleum Exporting Countries, which started in 2017 to rein in oversupply and prop up prices.

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

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