Oil Futures Fall as Markets Focus on U.S.-China Summit


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- Oil futures edged down for a second consecutive day on  
Thursday (5/14), amid the ongoing impasse in the Iran conflict and markets 
monitored developments surrounding the US-China summit.

   The front-month NYMEX WTI futures contract fell $0.06 to $100.96 bbl, 
rebounding from from $99.39 earlier in the session, while the July ICE Brent 
futures contract dropped $0.27 to $105.36 bbl.

   June RBOB gasoline futures fell $0.0508 to $3.9083 gallon, the front-month 
ULSD contract decreased $0.0584 to $3.9083 gallon.

   The U.S. dollar index strengthened 0.720 points to 98.495 against a basket 
of currencies.

   During their first meeting Wednesday (5/13), U.S. President Donald Trump and 
Chinese President Xi Jinping agreed that the Strait of Hormuz must remain open. 
China, one of the largest buyers of Iranian crude, has been affected by the 
disruption of this key waterway for oil and natural gas.

   Despite more than a year of trade tensions between the U.S. and China, Xi 
told Trump that "the Taiwan question is the most important issue in China-U.S. 
relations," according to comments cited by the Associated Press from Chinese 
Foreign Ministry spokesperson Mao Ning.

   Meanwhile, oil futures appeared to shrug off bullish U.S. inventories data 
released Wednesday by the Energy Information Administration. Commercial crude 
inventories fell for a third consecutive week by 4.3 million bbl to 452.9 
million bbl in the week ended May 8, and gasoline stockpiles dipped to a nearly 
six-month low.




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