Crude oil prices rose in volatile trading Tuesday, supported by expectations that U.S. crude oil stocks would decline, but concerns about the recession and uncertainty in Sino-U.S. relations have limited the rise.
Brent crude oil futures closed up $0.81, or 1.4%, at $59.51 a barrel. U.S. crude oil futures closed up $1.29, or 2.4%, at $54.93 a barrel.
"It's likely that [U.S. crude oil inventories] will fall sharply again, which will provide support," said John Kilduff, a partner in Again Capital Management in New York.
The Reuters survey showed that crude oil stocks in the United States fell by more than 2 million barrels last week, industry inventory data will be released at 4:30 p.m. Eastern Time, and official inventory data will be released by the government early Wednesday.
Affected by the decline of financial stocks, Wall Street stock market shocks, the oil market reacted, following the ups and downs of U.S. stocks. In addition, fears of a renewed U.S. recession have overshadowed initial optimism that a protracted trade war between the United States and China will be resolved.
U.S. President Trump said Monday that he believed China sincerely wanted an agreement, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" consultations.
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