Brent crude futures LCOc1 were up 27 cents at $66.27 a barrel by 1456 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was 10 cents higher at $61.16 per barrel. Oil was also boosted by optimism that trade talks between the world’s two largest economies will support demand. The group agreed to cut output by a further 500,000 barrels per day (bpd) from Jan. 1, on top of their previous cut of 1.2 million bpd. The cuts come as Russia reported record high 2019 oil and gas condensate production C-RU-OUT of 11.25 million bpd, beating the previous record of 11.16 million bpd set a year earlier, Energy Ministry data showed. U.S. crude stocks fell 7.8 million barrels in the week ended Dec. 27, compared with analysts’ expectations for a decrease of 3.2 million barrels, data from the American Petroleum Institute (API) showed on Tuesday.

Source: The Guardian January 03, 2020 03:45 UTC