Oil Rises on Signs of Trade-Talks Optimism, Key Hub Drop
- Cushing inventories dropped 516,000 barrels last week: API
- WTI futures add 0.7% to settle above $58 barrel in New York
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Oil rose on signs of progress in trade talks between the U.S. and China.
Futures were little changed in New York after settling 0.7% higher Tuesday. Washington and Beijing “reached consensus on properly resolving relevant issues” to pursue a “phase one” trade deal during a phone call on Tuesday, China’s Ministry of Commerce said. The American Petroleum Institute reported that U.S. stockpiles at a key hub fell 516,000 barrels last week, according to people familiar.