Oil Edges Higher, Capped By Retail Spending Data – 14 February, 2019

U.S. retail data showed spending fell to 2009 lows, capping gains on oil prices which hit their highest level in a year as investors focused their attention on ongoing U.S.-China trade talks. Brent crude oil futures jumped up 96 cents and 1.5 percent to $64.57 per barrel, hitting a 2019 high of $64.81 earlier. U.S. crude settled 51 cents and 0.95 percent to $54.41 per barrel, just below a high of $54.68 in an earlier session. A possible decline in supply by OPEC has caused crude to gain 20 percent this year. OPEC countries have agreed to cut a combined 1.2 barrels per day , with Saudi Arabia stating that it would cut even more starting in March.