In the same week that the United States overtook Russia as the world’s largest producer of crude oil and gas, and President Donald Trump used someone else’s words to praise himself and to bash Russian President Vladimir Putin on Twitter, import data from China, released Friday, showed the world’s second-largest economy imported no crude at all from the U.S. during December, and that Russia was the biggest crude supplier to China for the whole of 2018. The overall U.S. crude exports to China in 2018 were higher than the previous year, increasing by almost 25 percent to over 240,000 barrels per day (bpd). That number could have been higher had the December imports not come in at zero. U.S. exports to China have been affected negatively by the ongoing trade tensions between the world’s two biggest economies. Even though the two countries continue negotiations to end the impasse, reduced imports by China — the world’s largest importer of crude oil — could hurt the U.S. Click read more below for additional detail.
Crude Oil WTI futures for January delivery edged up 0.7% to $50.66 a barrel at 12:21PM ET (04:21 GMT) on the New York Mercantile Exchange, while London’s Intercontinental Exchange showed that Brent Oil Futures for February delivery also gained 0.34% to $59.29 per barrel.
U.S. crude inventories rose 3.6 million barrels to 450.5 million barrels as of Nov. 23, according to the Energy Information Administration on Wednesday.
“WTI oil is now trading right around the $50 per barrel level, a price last seen well over a year ago, as the current oversupply situation has now manifested itself in 10 consecutive weekly increases in U.S. oil inventories,” William O’Loughlin, investment analyst at Rivkin Securities, told Reuters.
more detail at source: https://www.investing.com/news/commodities-news/oil-prices-hike-despite-us-crude-stocks-build-1704312