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Oil Higher on US Stocks and China Services Growth

Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China’s services sector expanded in December, while signs of lower crude supply also lent support.

Brent crude graph

The Organization of the Petroleum Exporting Countries cut crude output in December, a Reuters survey showed, and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.

West Texas Intermediate graph

Brent crude LCOc1, the global benchmark, was up $1.40 at $57.35 a barrel at 1423 GMT. U.S. crude oil CLc1 was up 81 cents at $47.90.

via Reuters

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