U.S. crude prices rose to a four-month high above $60 a barrel after government ...
NEW YORK - U.S. crude prices rose to a four-month high above $60 a barrel after government data showed tightening oil supplies in the United States, but gains were capped by concerns over global economic growth due to the ongoing U.S.-China trade dispute.
Prices rose after the U.S. Energy Information Administration posted a large and unexpected drop in crude inventories due to strong export and refining demand. “This is pretty much a bullish trifecta when it comes to supplies,” said Phil Flynn, analyst at Price Futures Group in Chicago. “We’re starting to see the impact of the OPEC production cuts. We’re seeing the impact of the Venezuelan cuts.”
Rating agency S&P Global raised its Brent oil price assumptions back up to $60 a barrel, on the back of the production cuts by OPEC and Russia. A Bloomberg report on Tuesday, citing concern among U.S. officials that China is pushing back on American demands, briefly weakened oil prices before both benchmarks again approached four-month highs.
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