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6/19, 10:04 AM (Source: TeleTrader)
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Oil rises on drop in US inventories, trade optimism

Oil continued to trade higher on Wednesday after surging almost 4% during the previous session on fresh hopes the United States and China will reach a trade deal and end their ongoing dispute. US President Donald Trump announced the two countries will resume trade negotiations today and noted he will meet his Chinese counterpart Xi Jinping at the upcoming G20 summit in Osaka.

Crude prices were also boosted by a reported drop in US oil inventories after private data from the American Petroleum Institute (API) showed American stockpiles fell by 812,000 barrels last week. The official figures from the US Energy Information Administration (EIA) are due for release later today.

Brent for deliveries in August added 0.48% to sell for $62.48 per barrel at 3:53 am ET and West Texas Intermediate (WTI) gained 0.33% to go for $54.08 per barrel at 3:50 am ET.

Breaking the News / NP