f
  •  
© Reuters.  © Reuters.

Investing.com -- Crude oil prices rose on Wednesday after various unconfirmed reports breathed life into hopes that the U.S. and China can at least agree a temporary and partial truce to their multi-faceted dispute when trade talks resume on Thursday.

By 8:20 AM ET (1220 GMT), the U.S. WTI benchmark future was at $53.28 a barrel, up 1.2% from late Tuesday. The international benchmark blend Brent was up 1.2% at $58.95 a barrel.

Bloomberg reported that China had expressed its continued willingness to strike a limited deal, while the Financial Times reported that China was willing to buy up to 10 million tons more in U.S. soybeans a year. That would be worth around $3.25 billion at current prices.

President Donald Trump said at the weekend he’s not interested in a partial deal and Commerce Secretary Wilbur Ross said last month that the dispute couldn’t be solved just by China buying “a little more pork or soybeans.”

The news nonetheless supported a market that has been beaten down in recent days by fears over global demand. Russell Hardy, chief executive of Vitol, one of the world’s largest oil traders, was quoted by wires on Wednesday as telling a conference that global demand could grow by as little as 750,000 barrels a day this year, well below the forecast of OPEC and the International Energy Agency.

"Concerns over the future are winning,” Energy Intelligence reported Hardy as saying. “The risk premium vanished pretty quickly after the Saudi attacks.”

He and other senior executives from the trading industry all said they say Brent averaging less than $60 a barrel next year, a figure that may squeeze the cash flow of international majors who budget for around that figure.

Demand fears were clearly in focus after Tuesday’s data from the American Petroleum Institute showing an estimated 4.1 million rise in U.S. crude oil inventories last week, well ahead of the expected 1.41 million barrel increase. Official government data will be released at 10:30 AM ET (1430 GMT).

Elsewhere, Gasoline Futures were up 1.2% at $1.6004 a gallon, while Natural Gas futures were down 0.6% at $2.2760 per 10,000 MMBtu.


Other relevant articles 
[2019-10-09 13:00:13] Stocks - U.S. Futures Rise as China Offers to Buy American...
[2019-10-09 12:55:07] Stocks - U.S. Futures Rise as China Offers to Buy American Agricultural Goods 
[2019-10-09 12:40:07] California power cutoff begin as wildfire risks rise
[2019-10-09 11:40:17] What to Know About the Massive Protests Roiling Iraq
[2019-10-09 10:30:09] Zimbabwe quadruples electricity prices to fund power investment
[2019-10-09 09:05:07] Asian shares, oil ease as U.S.-China standoff spreads
[2019-10-09 07:15:07] Gold Prices Rise as Trade War, Brexit Fears Attract Safe-Haven...
[2019-10-09 06:35:06] Oil Prices Fall Amid Rising Crude Stockpiles, Escalating...
[2019-10-09 04:05:07] Oil prices extend slide to third straight day, U.S.-China trade...
[2019-10-08 23:00:20] NewsBreak: Crude Supplies Rise, Gasoline Stocks Fall, API Data...
[2019-10-08 21:50:07] Oil down, Stuck in Range Trade as Trump Again Hits China
[2019-10-08 19:50:04] Oil Extends Fall as Trump Administration Hits China Again
[2019-10-08 18:10:15] NewsBreak: Oil Extends Slide as White House Again Targets China
[2019-10-08 17:15:05] Gold Prices Top $1,500 Again on Brexit Fears, Rate Cut Hopes
[2019-10-08 17:00:08] Gold Prices Top $1,500 Again on Brexit Fears, Rate Cut Hopes
[2019-10-08 15:50:04] Weak U.S. producer prices support another Fed interest rate cut
[2019-10-08 15:05:05] Core U.S. Producer Prices Fall Most in More Than Four Years
[2019-10-08 15:00:08] Stocks - Boeing, Oracle Fall Premarket; Nio, Target Rise 
[2019-10-08 14:55:03] NewsBreak: U.S. Producer Prices Fall the Most in 8 Months in Sept
[2019-10-08 14:50:04] NewsBreak: U.S. Producer Prices Fall the Most in 8 Months in Sept
[2019-10-08 13:55:03] Big Oil Is Selling Dirty Assets, But They Aren’t Going Away
[2019-10-08 08:25:03] German industrial output rises unexpectedly in August
[2019-10-08 07:25:03] Gold Prices Dip Amid Lowered Rate Cut Expectations
[2019-10-08 06:30:05] Oil Prices Gain; All Eyes on Sino-U.S. Trade Talks
[2019-10-08 06:10:09] Oil edges higher on supply worries; eyes on trade talks
[2019-10-08 05:10:27] Asian Markets Rise Ahead of High-Level Sino-U.S. Trade Talks
[2019-10-08 02:15:26] UK demand for staff rises at weakest rate since 2012: REC survey
[2019-10-07 22:00:28] Oil Ends near flat; Trade War Trumps Kurdish Conflict
[2019-10-07 19:55:23] Oil up on Turkish Tensions While Trade War Limits Gains
[2019-10-07 17:35:41] Commodities Week Ahead: Oil Rudderless, Range-Bound; Gold Eyes Another...
[2019-10-07 16:45:23] Oil Prices Bounce but Still Overshadowed by Economic Fears
[2019-10-07 15:00:27] Stocks - GE, Dish, ConocoPhillips Rise in Premarket; GM Falls
[2019-10-07 10:05:23] UK house prices rise at slowest pace since 2013: Halifax
[2019-10-07 04:00:29] Oil prices slip again amid gathering gloom over global economy
[2019-10-07 03:10:22] Yen rises, offshore yuan dips on caution over Sino-U.S. trade talks
[2019-10-07 00:50:24] Ecuador arrests shopkeepers, man dies as protests rage
[2019-10-06 09:40:19] Iran will use any possible way to export its oil: SHANA
[2019-10-05 15:50:16] Russia will find ways to help Cuba get oil, says Medvedev
[2019-10-05 10:30:16] Iraqi authorities lift Baghdad curfew; death toll rises to 72 in days of unrest
[2019-10-05 00:30:26] Oil-rich Venezuela and Russia come to aid of ally Cuba, but its...
[2019-10-04 21:45:12] Oil Recovers on U.S. Jobs Report; Brent Still Has Worst Week...
[2019-10-04 20:10:12] Oil Recovers But Still Heads For Worst Week Since July 
[2019-10-04 16:15:12] Gold Prices Fall as Market Trims Rate Cut Bets After Jobs Data
[2019-10-04 15:45:13] Oil Prices Head Higher as Jobs Data Brightens Demand Picture
[2019-10-04 15:05:11] U.S. trade deficit rises in August
[2019-10-04 14:40:13] Where Oil And Gold Fail, Sugar Gives Investors Its Own High
[2019-10-04 14:30:12] Stocks: Apple Rises in Premarket; Facebook, HP Fall
[2019-10-04 12:45:11] Oil Set for Biggest Weekly Drop Since July on Demand Pessimism
[2019-10-04 10:35:11] Shell promotes Australia head to run global conventional oil, gas unit
[2019-10-04 07:05:10] Oil Prices Gain but Set for Weekly Losses Amid Weak U.S. Data
[2019-10-04 06:00:18] Gold Prices Inch Up; All Eyes on U.S. Employment Data
[2019-10-04 03:55:11] Oil edges higher but on track for big weekly loss
[2019-10-04 01:45:11] New tariffs on EU food will boost prices, cost U.S. jobs:...
[2019-10-04 01:15:11] Recovery beckons for Samsung as chip prices stabilize
[2019-10-03 21:40:09] Oil Ends off Lows on Fed Rate Cut Hopes
[2019-10-03 16:40:17] NewsBreak: Oil Plunges More Than 2% After U.S. Data Again...
[2019-10-03 16:35:07] Gold Prices Surge to One-Week High on Weak ISM
[2019-10-03 16:25:08] U.S. 2019 holiday sales to rise as much as 4.2%: NRF
[2019-10-03 14:50:07] U.S. weekly jobless claims rise slightly
[2019-10-03 14:20:08] Oil Prices Edge up From 2-Month Low; Saudi Output Recovers
[2019-10-03 14:15:08] Brewer Constellation Brands net sales rise
[2019-10-03 13:30:31] 4 Things Now Pressuring Oil Prices
[2019-10-03 13:15:07] Oil group Total does not want to go alone in EV battery production: CEO
[2019-10-03 11:25:07] As Oil Prices Sink Again, OPEC+ Ministers Stick to Their Plan
[2019-10-03 11:10:07] Euro zone producer prices fall more than expected in August
[2019-10-03 10:35:07] World food prices stable in September: U.N. FAO
[2019-10-03 08:20:08] H&M third-quarter pretax profit rise beats forecast
[2019-10-03 07:10:07] Oil prices Steady; U.S. Crude Inventories Rise More Than Expected Last Week
[2019-10-03 06:45:07] Gold Prices Slip but Regain $1,500 Level as Weak Data Attract Safe-Haven Demand
[2019-10-03 06:05:08] Saudi oil prices for Asia expected to jump in November after attack
[2019-10-03 03:40:07] Oil extends losses as economic data, growing inventories drag
[2019-10-02 17:40:08] Oil Prices Tumble 2% on Inventory Rise, Demand Concerns
[2019-10-02 17:35:07] Oil Prices Tumble 2% on Inventory Rise, Demand Concerns
[2019-10-02 16:50:08] Gold Prices Rise Again as Weak ADP Reinforces Risk Aversion
[2019-10-02 15:00:13] Stocks - Stars, Lennar Rise in Premarket; Ameritrade Falls Further
[2019-10-02 14:55:07] OPEC’s Middle East Oil Flows Shrivel in Wake of Attacks on Saudi
[2019-10-02 13:25:07] Venezuelan oil exports rise, but not enough to drain stocks
[2019-10-02 10:15:07] India banned onion exports. Now Asia has eye-watering prices
[2019-10-02 07:10:07] Gold Prices Fall; Weak U.S. Data, Brexit Developments in Focus 
[2019-10-02 06:55:06] Oil Prices Rebound as Data Shows Surprise Drop in Crude Stockpiles
[2019-10-02 05:50:08] Norway Wealth Fund Gets Nod to Sell $6 Billion in Oil Stocks
[2019-10-02 04:50:12] Oil recovers ground after U.S. data shows crude stock build
[2019-10-01 22:55:04] NewsBreak: API Says Oil Inventories Fell by 5.9M Last Week
[2019-10-01 20:00:11] Oil Down for 6th Day; Weekly Crude Build Awaited
[2019-10-01 16:55:04] Oil Prices Stumble Again on Weak Manufacturing Data
[2019-10-01 16:40:04] U.S. construction spending rises less than expected in August
[2019-10-01 15:55:03] Canadian factory activity rises at fastest pace in seven months
[2019-10-01 14:50:09] Stocks - U.S. Steel Slumps, Spotify, Tesla Rise Premarket
[2019-10-01 13:45:13] Futures rise ahead of manufacturing data
[2019-10-01 13:30:04] Brexit vote reprise? Money flows out of UK property funds
[2019-10-01 11:15:03] Fiscal crises biggest risk to global business, WEF says
[2019-10-01 10:30:04] Fed should stand pat on rates, let inflation rise - Evans
[2019-10-01 09:55:11] U.K. House Prices Barely Grow in Subdued Market, Nationwide Says
[2019-10-01 07:10:06] Australia central bank cuts rates to record low even as home...
[2019-10-01 05:45:30] U.S. office vacancy rate rises marginally in third quarter - Reis
[2019-10-01 03:55:25] U.S. oil rebounds on lower output from U.S., Russia, OPEC
[2019-10-01 01:30:28] American support for impeaching Trump rises to 45% amid Ukraine...
[2019-09-30 22:10:35] Apple and Merck drive Wall Street higher as trade worries abate
[2019-09-30 19:10:37] OPEC oil output sinks to lowest since 2011 after Saudi attacks:...
[2019-09-30 18:55:23] Oil Falls Further on Saudi Calm, China Outlook