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Bloomberg
Oil rose on signs of progress in trade talks between the US and China, and estimates that American crude inventories retreated for the first time in five weeks.
Futures gained 0.6% to trade above $58 a barrel in New York. Washington and Beijing “reached consensus on properly resolving relevant issues†to pursue a “phase one†trade deal during a phone call, China’s Ministry of Commerce said. US oil stockpiles fell by 939,000 barrels last week, according to a Bloomberg survey before official data due on Wednesday.
Crude has been rising since early October on the thaw in trade hostilities between the world’s two largest economies, although investors are becoming increasingly fatigued over how long the negotiations are taking. Traders are also concerned that Opec and its allies seem unwilling to cut production further when they meet next week, despite signs of a renewed surplus in early 2020.