Oil rose on Wednesday after an unexpected drawdown in U.S. stockpiles and an increase in U.S. gasoline prices, but concerns remained about a global surplus, falling Asian demand and whether the Federal Reserve would raise interest rates. U.S. crude futures strengthened after the American Petroleum Institute (API) reported a 3.1-million-barrel drop in crude inventories last week, versus analyst expectations for an increase. "It is a big data week," CMC Markets analyst Michael Hewson said. "We are likely seeing a bit of position adjustment ahead of key market data." Official U.S. crude inventory figures will be released on Wednesday.
Oil prices edged down on Thursday amid a lack of any clear resolution to U.S.-China trade talks and official data that again indicated vast fuel stocks in the United States.
Global financial markets had surged on hopes that Washington and Beijing may soon end their dispute and avert an all-out trade war between the two biggest economies.
Some of the positive feeling ebbed on Thursday, however, a day after negotiations wrapped up with mildly positive statements from both sides but few details.
more at: https://www.reuters.com/article/us-global-oil/oil-drops-1-percent-on-u-s-china-trade-talks-american-supply-surge-idUSKCN1P401R