Crude oil on MCX settled up 0.3% at 4416 boosted by hopes that the China-U.S. trade fight would soon come to an end and by a report showing lower U.S. crude inventories. China said it was in close touch with the United States on a trade deal signing ceremony, after U.S. President Donald Trump said a day earlier that he and Chinese President Xi Jinping will hold a ceremony to sign the Phase 1 trade deal.
Trading Ideas:
* Crude oil trading range for the day is 4357-4459.
* Crude oil gained boosted by hopes that the China-U.S. trade fight would soon come to an end and by a report showing lower U.S. crude inventories.
* The American Petroleum Institute, an oil industry group, said that U.S. crude stocks fell by 7.9 million barrels last week, much more than forecasted.
* Still, U.S. producers, not party to the OPEC+ agreement, have been pumping record amounts of oil, especially shale.
