'The market is also trying to assess whether the increase in stockpiles will be offset by the summer driving season in the US,' says commodities analyst Sungchil Will Yun.
The increase in the US stockpile of crude oil and the unresolved trade issues with China has spiralled the price of crude oil to a low of US51 a barrel.
Futures in New York edged higher after dropping 4% in the previous session. US stockpiles rose by 2.2 million barrels last week, the Energy Information Administration reported Wednesday, compared with a 1 million barrel decrease forecast in a Bloomberg survey. President Donald Trump said he had no deadline for China to return to trade talks, other than the one in his head.
“The market is waiting for any signs of progress in trade talks,” said Sungchil Will Yun, a commodities analyst at HI Investment & Futures Corp. in Seoul. “It’s also trying to assess whether the increase in stockpiles will be offset by the summer driving season in the US”
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