Oil rose for a fourth straight session amid a hefty drop in U.S. crude inventories and new glimmers of hope for a trade truce between the world’s two largest economies.
Futures climbed as much as 0.9% on Wednesday in New York after rallying 2.7% over the previous three sessions. The American Petroleum Institute reported a 10.96 million-barrel decline in oil stockpiles last week, more than twice the estimate in a Bloomberg survey of analysts. Meanwhile, U.S. Trade Representative Robert Lighthizer will travel to China next week for the first high-level, face-to-face talks since May.
West Texas Intermediate for September delivery rose 33 cents to $57.10 a barrel at 9:43 a.m. on the New York Mercantile Exchange.
Brent for September settlement advanced 22 cents to $64.05 on the ICE Futures Europe Exchange. The global benchmark crude traded at a $6.95 a barrel premium to WTI.
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