U.S. Crude Oil WTI Futures were unchanged at $57.83 by 1:26 AM ET (05:26 GMT), while worldwide Brent Oil Futures slipped 0.1%. West Texas Intermediate (WTI) crude was at $57.31 a barrel, down 41 cents.
"Despite the larger-than-expected (U.S.) inventory build ... traders stayed primarily focussed on U.S. -Sino trade developments where optimism continues to build", said Stephen Innes, market strategist at AxiTrader.
-China trade deal, but worries about rising crude supplies helped hold down prices, Kallanish Energy reports.
Oil rose on Friday as comments from a top US official raised optimism for a U.S.
Crude prices remained strained last week owing to increased USA inventory levels, and the overhang of subdued demand on account of the long- extended trade tensions between the U.S. and China. "China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for", said Yang. Currently, rapidly increasing U.S. shale oil production, along with global slowdown worries and the negative effects of the ongoing trade war, is the factor behind the bearish oil market outlook.
The 16-month trade war between the world's two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.
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After the United States' Commerce Secretary, Wilbur Ross, on Friday said that there was a very high probability that they will reach a trade deal with China, Chinese news agency Xinhua reported that Chinese Vice Premier Liu He had a constructive talk on trade with USTrade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Saturday morning.
Analysts said OPEC's figures point to supply outstripping demand by 645,000 barrels a day in the first half of 2020 - which will lift maintain pressure for the production cap to be maintained past next March.
According to Baker Hughes data, the total oil and gas rig count dropped to 806.
OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna.
Money managers raised their net long U.S. crude futures and options positions by 39,995 contracts to 169,386 in the week to November 12, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.