BloombergOil on Friday declined for the second week as signs that supplies remain plentiful offset optimism over the signing of a US-China trade agreement. Futures in New York were little changed, but ended the week 0.9 percent lower. Supplies at the critical commercial storage hub in Cushing, Oklahoma, rose for the first time in 10 weeks. Oil drilling rose for the first time in four weeks, led by the Permian Basin, indicating that oil supplies are poised for more gains in the near term. West Texas Intermediate futures for delivery next month settled up US$0.02 at US$58.54 per barrel on the New York Mercantile Exchange.

Source: Taipei Times January 18, 2020 15:56 UTC