Oil Rises Above $62

Oil unchanged after overnight losses amid caution over trade talks

Futures in NY slid 1.5% Wednesday.

Oil prices received some support earlier this week by expectations that China and the USA were on the cusp of concluding phase one of their trade deal that would roll back much of the tit-for-tat tariffs.

U.S. commercial crude oil inventories increased by 7.9 million barrels during the week ending November 1 from the previous week, the U.S. Energy Information Administration said on Wednesday. China is seeking a rollback of USA tariffs before signing a deal, while it's unclear if President Donald J. Trump will be willing to cut any duties. The US-China trade developments stay as a source of permanent volatility, although the recent positive news have lent some extra legs to oil prices. "Some of the optimism over the trade deal that is being baked into oil prices might be a bit premature".

West Texas Intermediate crude CLc1 futures were at $56.29 a barrel, down 2 cents, from their last close.

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And even though stock builds tend to disappear just as quickly as they suddenly appear, traders were spooked by the disclosure from the Energy Information Administration that USA crude inventories rose by 7.9 million barrels in the week to November 1, compared with analysts' expectations for a 1.5 million barrel increase.

Benchmark Brent crude rallied 1.2 percent to $62.49 a barrel, after having fallen nearly 2 percent on Wednesday. The contract rose 83 cents to $62.96 on Tuesday. "The only saving grace is the drawdown in gasoline supplies that put us below the five-year average, but that's offset by the fact that the distillate inventories - even though they fell - they're not as far below the five-year average as they were a week ago". The global benchmark crude traded at a $5.36 premium to WTI for the same month. Negotiators are also discussing lowering the 25 percent duty on about $250 billion of imports that Trump imposed past year, the people said.

Beijing has asked the Trump administration to pledge not only to withdraw threats of new tariffs but also to eliminate duties on about $110 billion in goods imposed in September, according to people familiar with the deliberations.

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