Petroleum prices moved higher on Wednesday thanks to a decline in U.S. crude inventories and optimism over a meeting between the leaders of the U.S. and China, the world’s two largest oil consumers.
Brent crude futures were up 37 cents, or 0.57%, to $64.77 U.S. a barrel. U.S. West Texas Intermediate crude futures rose 32 cents, or 0.53%, to $60.47.
On Wednesday, China’s foreign ministry said President Xi Jinping would meet with U.S. President Donald Trump on Thursday in the South Korean city of Busan. It said the meeting would “inject new momentum into the development of U.S.-China relations”, adding that Beijing was ready to work together for “positive outcomes”.
China also said that it was open to continuing cooperation with the U.S. on fentanyl after Trump said he expected to reduce tariffs on Chinese goods in exchange for Beijing’s commitment to curb exports of fentanyl’s precursor chemicals.
U.S. crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday.
Crude stocks fell by 4.02 million barrels for the week ended October 24. Gasoline inventories dropped by 6.35 million barrels, while distillate inventories fell by 4.36 million barrels from a week earlier
