August 23, 2018 / 12:48 AM / in 2 months

U.S. oil extends gains after crude inventories decline

* U.S. crude stocks drop by 5.8 mln barrels to 408.36 mln barrels

* U.S. crude output rises back to 11 million bpd

* U.S.-China trade dispute threatens global economic growth

* Trump does not expect trade talks to resolve issues soon

By Henning Gloystein

SINGAPORE, Aug 23 (Reuters) - U.S. oil prices on Thursday extended gains from the previous session on a fall in U.S. commercial crude inventories, while international crude markets were weaker due to the trade dispute between the United States and China.

U.S. West Texas Intermediate (WTI) crude futures were at $67.95 per barrel at 0044 GMT, up 9 cents, or 0.1 percent, from their last settlement.

“Oil prices jumped overnight as inventories drew down more than expected,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.

U.S. commercial crude oil inventories C-STK-T-EIA fell by 5.8 million barrels in the week to Aug. 17 to 408.36 million barrels, the Energy Information Administration (EIA) said on Wednesday.

International markets were more cautious as the ongoing trade spat between the United States and China was seen as a drag on economic growth, traders said.

Brent crude oil futures were at $74.69 per barrel, down 9 cents from their last close.

On the supply side, U.S. crude oil production C-OUT-T-EIA rose back to 11 million barrels per day, the EIA report said.

That means the world’s three top producers, Russia, the United States and Saudi Arabia, now all churn out around 11 million bpd, meeting a third of global demand.

Reporting by Henning Gloystein Editing by Joseph Radford

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