Oil Prices Rise on U.S. Crude Inventories Data By Investing.com

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Investing.com – Oil prices rose on Wednesday in Asia after data showed U.S. crude inventories fell for a fourth straight week.U.S. were up 1.4% to $58.63 by 1:20 AM ET (05:20 GMT). International gained 1.0% to $64.81.Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analyst expectations for a decrease of 3.1 million barrels, according to data from industry group the American Petroleum Institute.Official figures from the government’s Energy Information Administration (EIA) are due later on Wednesday.On the Sino-U.S. trade front, U.S. and Chinese trade officials held a “constructive” phone conversation on Tuesday, White House economic adviser Larry Kudlow said, adding that the two sides were discussing the possibility of a face-to-face meeting.”There are no miracles here,” Kudlow told reporters at the White House. “There was headway last winter and spring, then it stopped. Hopefully we can pick up where we left off, but I don’t know that yet.”China’s Commerce Ministry confirmed the phone meeting took place. The two sides “exchanged views on implementing the consensus of the two countries’ leaders at the Osaka meeting,” it said, but gave no other details.China and the U.S. are the world’s biggest oil importers.An escalation in U.S.-Iran tensions after Tehran’s decision this week to enrich uranium beyond the levels it had committed to under the JCPOA nuclear agreement was also cited as supporting the oil markets.
beyond the levels it had committed to under the JCPOA nuclear agreementEarlier this week, Iran suggested it could restart deactivated centrifuges and step up its enrichment of uranium to 20% in the future. U.S. President Donald Trump warned Tehran over the weekend to “be very careful” about the resumption of enrichment.

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