US Crude Oil WTI Futures slipped 0.1% to $56.66 by 12:00 AM ET (04:00 GMT). International Brent Oil Futures gained 0.2% to $60.59.
Investor sentiment improved today after the Chinese Ministry of Commerce said it is willing to “negotiate and collaborate” with the US on trade matters, and that it will not retaliate against the latest tariffs imposed by the US for now.
US President Donald Trump, meanwhile, said talks at a “different level” were set for Thursday.
“There’s a talk scheduled for today at a different level,” Trump said in an interview with Fox News Radio without elaborating on what “a different level” means.
The conciliatory tone from China was unexpected, as many previously feared Beijing would seek to retaliate against the latest round of US tariffs announced by Trump last week.
Oil prices are now set to record their strongest week since early July largely thanks to a bigger-than-expected fall in US inventories reported earlier in the week.
Meanwhile, Hurricane Dorian that is currently approaching Florida sparked concerns that offshore US crude producers may slow output.
The Hurricane is expected to head toward Florida over the weekend and may enter into the eastern Gulf of Mexico next week, according to the National Hurricane Center.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.