Oil futures split ways on Thursday, with U.S. prices up a fourth straight session after recent data revealed a weekly decline in domestic supplies, but global prices ending lower in the wake of a reported delay in the U.S.-China trade discussions and a slowdown in OPEC output cuts.
April West Texas Intermediate crude CLJ9, -0.07% rose 35 cents, or 0.6%, to settle at $58.61 a barrel on the New York Mercantile Exchange, logging a fourth straight session climb. It settled at its highest since mid-November, according to FactSet data.
The report also left the global demand growth forecast for 2019 unchanged from the previous month, at 1.24 million barrels a day, for total demand expectations of 99.96 million barrels a day. Demand for OPEC crude, however, was forecast 30.5 million barrels a day, about 1.1 million barrels a day lower than the estimated 2018 level.
Prices had been trading broadly lower early Thursday after reports that a trade meeting between President Donald Trump and China President Xi Jinping may be delayed, if it happens at all. That had fueled some fresh worries about disruptions to demand driven by the protracted tariff dispute.