Oil Nears $61 for First Time in Three Months as Optimism Abounds - Bloomberg:
Oil approached $61 a barrel for the first time in more than three months as strengthening outlooks for manufacturing and trade buoyed demand prospects.
Futures rose as much as 1.2% in New York on Tuesday, extending the advance to a fourth straight session. U.S. factory production has rebounded just as the world’s two largest economies move toward a preliminary settlement of their long-running trade dispute.
Meanwhile, American crude stockpiles probably shrank by 1.75 million barrels last week, a Bloomberg survey showed, signaling tightening supplies.
The factory data and imminent trade agreement followed deeper-than-expected output cuts agreed by OPEC+ earlier this month, which Citigroup Inc. said will help keep a floor under crude prices.
Oil approached $61 a barrel for the first time in more than three months as strengthening outlooks for manufacturing and trade buoyed demand prospects.
Futures rose as much as 1.2% in New York on Tuesday, extending the advance to a fourth straight session. U.S. factory production has rebounded just as the world’s two largest economies move toward a preliminary settlement of their long-running trade dispute.
Meanwhile, American crude stockpiles probably shrank by 1.75 million barrels last week, a Bloomberg survey showed, signaling tightening supplies.
The factory data and imminent trade agreement followed deeper-than-expected output cuts agreed by OPEC+ earlier this month, which Citigroup Inc. said will help keep a floor under crude prices.
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