Oil edges up as U.S. President Trump set to meet North Korea's Kim – media

09:32, 09 March 2018
Economy
265
REUTERS

The two will likely meet by May and Kim has pledged to refrain from further nuclear or missile tests, South Korea's national security chief said late on Thursday after briefing White House officials on talks between Seoul and Pyongyang, as reported by Reuters.

The White House said Trump would accept the invitation at a place and time to be determined.

The news lifted Asian stocks markets, and pulled crude oil futures along with them, traders said.

Read alsoReuters: Oil prices mixed after edging up from two-week lows; set for weekly drop

Brent crude futures LCOc1 were at $63.79 per barrel at 0625 GMT, up 18 cents, or 0.3 percent, from their previous close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.25 a barrel, up 13 cents, or 0.23 percent.

Despite these increases, Brent and WTI are on course for weekly declines of almost 1 percent and 1.7 percent, respectively.

Traders said the weakness is due to soaring output from the United States C-OUT-T-EIA, which has risen by 23 percent since the middle of 2016, to 10.37 million barrels per day (bpd).

Thanks largely to shale drilling, the United States now produces more crude than top exporter Saudi Arabia. Only Russia pumps more, at almost 11 million bpd.

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