This is bringing in higher issues for global economic growth and oil demand.
Now, oil trades at $53.08, which is a rise of $0.52 or 1.00% from the previous close of $52.56.
The daily range is from $52.28 to 53.33, while the trading volume is 141.963K.
U.S. industry data indicated in larger-than-predicted advance in stockpiles at the world’s top oil supplier.
Top officials from Washington and Beijing on Thursday and Friday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that will affect the future economic growth levels.
There are issues over the threat of OPEC-member Ecuador retreating around 30% of its oil supply due to anti-government protests that have seriously affected oil output.
Ecuadorean state-run firm Petroamazonas forecasts that could decline some 188,000 barrels per day (bpd).