Last week, WTI Crude surged by 2.6 percent over rising optimism over a possible trade deal between U.S. & China amid plunging U.S. Crude inventory. U.S. & China will meet in Washington during early October to resolve the protracted trade spat which has hampered the demand prospects for Crude.
Moreover, China’s services sector grew at its fastest pace in about three months after new orders rose, prompting the biggest increase in hiring in over a year. China is the world’s second-largest oil consumer and largest importer, positive economic data from China supported Crude prices.
However, Organization of Petroleum Exporting Countries (OPEC) Crude production rose in August 2019 for the first time in 2019. Surge in Supply from Iraq and Nigeria overpowered the supply restrains coming from the Saudi Arabia coupled with the supply shortage caused by U.S. sanctions on Iran and capped the gains for Crude.
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