14 March, 2019
Crude Oil prices traded higher having hit a five month high of 58.65 earlier in the session before losing much of its gains amid reports that a trade meeting between President Donald Trump and China President Xi Jinping may be delayed, if it happens at all, fueling fresh some worries about disruptions to demand driven by the protracted tariff dispute. Bloomberg News reported Thursday morning that a meeting between Trump and Chinese President Xi Jinping will be delayed until at least April, news that appeared to weigh on stock-index futures. Meanwhile, the Organization of the Petroleum Exporting Countries, in a monthly report, said output by its members fell in February and left its demand growth forecast for 2019 unchanged. On Wednesday, the Energy Information Administration reported that U.S. crude supplies fell by 3.9 million barrels for the week ended March 8. That ran counter to expectations for a climb of 3.3 million barrels expected by analysts polled by S&P Global Platts.