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Oil prices firm ahead of G20 meeting, but rising supply curbs gains


Added 11-29-18 04:04:01am EST - “U.S. crude inventories for the week to Nov. 23 added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Oil prices firm ahead of G20 meeting, but rising supply curbs gains”. Below is an excerpt from the article.

Oil prices edged up on Thursday on optimism that trade talks at the upcoming G20 meeting could help the global economy and improve demand, but gains were curbed after U.S. crude inventories hit their highest in a year.

U.S. crude futures had risen 20 cents, or 0.4 percent, to $50.49 per barrel by 0737 GMT. The market ended the previous session down 2.5 percent at $50.29 a barrel, after marking its lowest since early October last year.

International benchmark Brent crude gained 6 cents, or 0.1 percent, to $58.82 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel.

"We have seen huge increases in supply and the demand picture is in question. However, we might see some movement on global trade issues at the G20 meeting which starts on Friday," said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.

Investors in commodity markets are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world's biggest economies, on Nov. 30 and Dec. 1, with the U.S.-China trade war a key focus.

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