U.S. Crude Inventories Fall To Lowest In A Year – 11 September, 2019

A drop in U.S. crude inventories as well as an effort to ease trade tension between Washington and Beijing caused oil prices to jump. U.S. West Texas Intermediate crude futures rose 0.7% or 40 cents to %56.16 per barrel. International Brent crude futures gained 0.7% or 41 cents to $61.22 per barrel. With talks between the worlds two biggest economies set to take place in the next few days, U.S. President Donald Trump has stated that the relationship between the two countries is doing better and hopes to put an end to this trade war disagreement. For the fourth straight week, crude inventories fell by 6.9 million barrels, significantly higher than the analysts predicted 2.7 million barrels. U.S. crude inventories were their lowest in almost a year at 416.1 million barrels, 2% lower than the five year average around this time.