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Oil Extends Rally on U.S. Inventory Optimism Before OPEC Meeting



April 18, 2018, 8:54 PM EDT

Updated on


Oil extended a rally toward $ 69 a barrel after a drop in US

New York Futures rose 0.6 percent after gaining 2.9 percent in the previous session. Total U.S. inventories of crude and fuel dropped below the five-year average for the first time since 201

4, government data showed Wednesday. That helped take focus away from production, which is scaled a fresh record. April 20 meeting in Saudi Arabia.

At the gathering in Jeddah, the Organization of Petroleum Exporting Countries and Russia wants focus on ways of prolonging their cooperation, and discussing their plans for the future. The meeting wants to play out against a backdrop of falling stockpiles and geopolitical tensions that have lifted prices, which are in turn risk encouraging more. supply.

"Prices rose as investors focused on the drop in US. inventories "as the continued gains in production, Satoru Yoshida, a commodity analyst at Rakuten Securities Inc., said by phone from Tokyo.

West Texas Intermediate for May delivery as much as 48 cents to $ 68.95 a barrel on the New York Mercantile Exchange, and traded at $ 68.87 at 1:33 pm in Singapore. The contract climbed $ 1.95 to $ 68.47 on Wednesday. Total volume traded was little changed from the 100-day average.

Brent for June settlement added 47 cents to $ 73.95 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at $ 5.07 premium to June WTI.

Futures for September delivery climbed 2.4 percent to 440.1 yuan a barrel on the Shanghai International Energy Exchange. The contract rose 0.5 percent to close at 429.7 yuan on Wednesday. Open interest in the contract rose to 7,314 lots in the previous session, The highest since its debut last month.

In the US, total inventories of crude and refined products, excluding gasoline reserves, fell by 10.6 million barrels last week, the lowest level since March 2015, according to Energy Information Administration data. American crude stockpiles slid by about 1 million barrels, versus forecasts for a 650,000-barrel gain.

The EIA data so had another surprise. U.S. gasoline demand surges to a high 9.9 million barrels a day before the summer season when consumption. Stockpiles of gasoline fell by nearly 4 million barrels compared with a 450,000-barrel increase in a Bloomberg survey.

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