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For the 24 hours to 23:00 GMT, the Crude Oil rose 0.61% against the USD and closed at USD51.44, as expectations of an extension to production cuts by major producers overshadowed a White House proposal to sell half of the US crude reserves. Meanwhile, the American Petroleum Institute (API) reported that US crude stockpiles fell less-than-expected by 1.5 million barrels to 512.9 million barrels in the last week. For the 24 hours to 23:00 GMT, the Crude Oil rose 0.61% against the USD and closed at USD51.44, as expectations of an extension to production cuts by major producers overshadowed a White House proposal to sell half of the US crude reserves. Meanwhile, the American Petroleum Institute (API) reported that US crude stockpiles fell less-than-expected by 1.5 million barrels to 512.9 million barrels in the last week.In the Asian session, at GMT0300, the pair is trading at 51.63, with the Crude Oil trading 0.37% higher against the USD from yesterday’s close. The pair is expe...

SINGAPORE: Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves in his budget plan, simply as producer club OPEC and its allies are reducing output to tighten the market. After rising in Asian morning trading, Brent crude futures reversed their good points and were at $53.66 per barrel at 0232 GMT, down 21 cents, or 0.4 per cent, from their last shut. U.S. West Texas Intermediate (WTI) crude futures had been at $50.ninety four, down 19 cents, or 0.4 per cent. The White house plan would regularly sell off 1/2 of the nation's emergency oil stockpile to lift $16.5 billion from October 2018, paperwork launched by means of the administration late on Monday showed. Presidential budgets are often omitted by using the U.S. Congress, which controls federal purse strings. The plan used to be launched only a day after Trump left OPEC's de-facto chief Saudi Arabia for his first in a foreign country...