U.S. oil edged up on Thursday to extend gains from the previous session, lifted by a decline in U.S. commercial crude inventories, while international crude markets were weaker due to the trade dispute between the United States and China.
U.S. West Texas Intermediate (WTI) crude futures
"Oil prices jumped overnight as inventories drew down more than expected," said William O`Loughlin, investment analyst at Australia`s Rivkin Securities.
U.S. commercial crude oil inventories
International markets were weaker as the ongoing trade spat between the United States and China was seen as a drag on economic growth.
Brent crude oil futures
U.S. and Chinese officials this week met for the first time in over two months to resolve the deepening trade conflict, so far without result, with the latest round of U.S. tariffs due to be implemented on Thursday.
On the supply side, U.S. crude oil production
That means the world`s three top producers, Russia, the United States and Saudi Arabia, now all churn out around 11 million bpd, meeting a third of global demand.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)