Oil rallied today, surging back up towards $57, as plans for a meeting between the U.S. and China offered a hint of progress in the US-China trade war.
“Some of the soft demand numbers we’ve had in the last few months have definitely been the impact of the trade war,” said Leo Mariani, a KeyBanc Capital Markets Inc. analyst. “There’s been reticence in doing much until there’s more clarity on how that will end.”
Gasoline +4.436mm - biggest build since Jan
A major crude draw (the 6th weekly draw in a row) was offset by a big build in gasoline stocks (biggest rise since January)...
WTI spiked above $57 on the big crude draw but quickly fell back as perhaps the ongoing gasoline build continues...