American crude stockpiles fell by 1.7 million barrels last week. FMTNews Oil
SINGAPORE: Oil traded above US$60 a barrel ahead of US government data forecast to show crude stockpiles shrank, while Iraq trimmed output as Saudi Arabia applied pressure on nations to better comply with cuts.American crude stockpiles fell by 1.7 million barrels last week, according to a Bloomberg survey before Energy Information Administration data on Friday.Iraq pared output by 110,000 barrels a day in December, according to Petro-Logistics SA.
American crude inventories are shrinking even as the nation pumps near record levels and shale explorers boost drilling. Crude has been bolstered by the Opec+ decision to cut production further and the progress of trade talks between the US and China, he said. US crude stockpiles are set to drop for a second week, extending a decline from the highest level in four months.
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