WASHINGTON (dpa-AFX) - After languishing near their lowest level since mid January and struggling to move higher for much of the trading session, crude oil futures eventually managed to settle on a positive note on Thursday.
Oil prices rebounded as fears about energy demand subsided a bit amid reports the U.S. administration will likely delay tariffs on Mexican imports.
West Texas Intermediate Crude oil futures for July ended up $0.91, or 1.8%, at $52.59 a barrel.
Brent crude oil futures were up $1.05, or 1.7%, at $61.68 a barrel around mid afternoon.
On Wednesday, WTI crude oil futures for July settled at $51.68 a barrel, losing $1.80, or 3.4%.
Crude's slide earlier in the session was due to comments from U.S. President Donald Trump that he would decide on more China tariffs after the G20 meeting and that there could be tariffs on another $300 billion worth of Chinese goods.
Crude oil prices plunged sharply in the previous session after data showed a large increase in U.S. crude stockpiles last week.
According to the data released by the Energy Information Administration (EIA) on Wednesday, U.S. crude inventories rose by nearly 6.8 million barrels in the week to May 31. That compared with analyst expectations for a 900,000 barrel decline.
Stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, the EIA said. The report also showed a 208,000 barrels increase in gasoline supply last week while distillate stockpiles declined by 1.08 million barrels.
The OPEC members and allies are set to meet early July to discuss about whether to extend supply curbs or end the programme.
Russian President Vladimir Putin said today that Russia had differences with OPEC with regard to the definition of fair price for oil. He said the country would take a decision about output reduction in consultation with OPEC colleagues.
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