Oil traders continue to look beyond the escalating U.S.-China trade war, bidding up oil prices as they watch tightening inventories.
Crude prices have gained this week on the back of a questionable hope that the U.S. and China may dial down the trade war, but also because of some more familiar movements in EIA data. The agency showed a massive 10-million-barrel drawdown in crude oil stocks last week, significantly more than the market had assumed. Unlike in prior reports that tended to offer mixed signals, this one also showed a 2.1-million-barrel drop in gasoline inventories, and a similar-sized drawdown in distillate fuel stocks. Putting it altogether, it was a decidedly bullish report.
Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.