Gold, Silver, Copper and Crude Oil Briefing

WTI Crude Oil

Weekly May WTI Crude Oil

Brent crude futures were at $68.97 per barrel at 0417 GMT, up 32 cents, or 0.5 percent, from their last close.

Before the rebound late on Wednesday, after the release of the Energy Information Administration (EIA) inventory data, WTI and Brent had hit two-week lows after China proposed a broad range of tariffs on USA exports, feeding fears of a trade war.

In post-settlement trading, Brent hit $71.34, its highest since December 2014.

Oil markets stabilised on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased USA drilling activity.

Market players now looked ahead to fresh data on USA commercial crude inventories to gauge the strength of demand in the world's largest oil consumer and how fast output levels will continue to rise.

Investors are waiting to see how the conflict in Syria will unfold after Trump promised to make a decision on whether he will attack "very quickly".

Those rosier forecasts from the United States government and the improved news-flow on the global trade front saw Brent futures for next month delivery rise 3.54% to $71.08 a barrel on the ICE, alongside a 3.54% move higher for WTI to $65.66 a barrel. Shanghai trading will resume on Monday.

Meanwhile, news that Saudi Arabia is aiming for an $80 oil price offered further support, according to Flynn.

"The Saudis are fully committed to getting oil to $80 a barrel".

Also helping were comments from Saudi Energy Minister Khalid al-Falih, who said oil cartel OPEC will continue to steward the market.

Crude prices at the end of last week closed down roughly 2%, capping their worst week in two months, as the U.S. threatened new tariffs on Chinese imports and Beijing responded in kind.

The U.S. Energy Information Administration said it expected domestic crude oil production to rise by 750,000 barrels per day (bpd) to 11.44 million bpd next year, more than previously expected.

Industry group the American Petroleum Institute is due to release its weekly report yesterday.

Monthly oil reports are also due out from the Organization of the Petroleum Exporting Countries on Thursday and the International Energy Agency on Friday.

That will likely make the United States the world's biggest oil producer by 2019, surpassing Russian Federation which now pumps out nearly 11 million bpd.

Among refined products, May gasoline rose 2.9% to $2.041 a gallon and May heating oil added 3.4% to $2.065 a gallon.

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