Oil rose for a fourth day after a report showed a hefty drop in U.S. crude inventories and as the resumption of face-to-face trade discussions between Washington and Beijing provided a glimmer of hope for demand.
Futures in New York gained as much as 0.9% after rallying 2.7% over the previous three days. The American Petroleum Institute reported a 10.96 million barrel decline in stockpiles last week, according to people familiar with the data. That’s more than twice the drop forecast in a Bloomberg survey before official figures due Wednesday. U.S. Trade Representative Robert Lighthizer will travel to China Monday for the first high-level, face-to-face talks since May. [read more]