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WTI crude rose 2.8 percent to $51.16 a barrel, its first close above $50 this year, and Brent gained to $60.06. Hopes that US-China trade talks would be extended lifted prices, while an EIA report showed larger-than-expected gasoline and distillate builds that capped gains.
Easing US-China trade tensions support expectations for global growth and fuel demand, which lifts crude prices. Bigger product inventory builds offset some of that support, limiting the upside for biofuel and diesel-linked feed input costs.
business-standard.comReutersJan 9, 2019After 36 past bullish trade events, WTI moved a median +1.6% over 5 sessions (69% higher; middle half -2.0% to +4.5%), and +0.7% over 20.
After 16 past bullish trade events, BRENT moved a median +1.9% over 5 sessions (81% higher; middle half +0.5% to +4.8%), and +5.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Hopes for extended US-China trade talks lifted demand expectations and pushed Brent to ~$60, though a gasoline/distillate build capped gains.
