Prices are being affected by “a bullish oil-inventory report” from the U.S., said Michael Poulsen, an analyst at Global Risk Management Ltd. U.S. storage dropped by 4.62 million barrels to 425.3 million barrels last week, while outbound shipments of crude expanded to a record, according to an Energy Information Administration report Wednesday. The EIA data also showed that American oil production rose to an unprecedented 10.5 million barrels a day, topping the 10 million-barrel level for a ninth week. Global markets from equities to oil recovered after investor optimism grew that the U.S. and China will step back from the brink of a trade war. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.750636; American Dollar to Chinese Yuan = 0.148935; American Dollar to Euro = 1.167197; American Dollar to Japanese Yen = 0.009558; American Dollar to Mexican Peso = 0.046805.

After jumping 2.2 percent on Monday, futures added 1 percent in New York on Tuesday. European and Asian stocks rose as President Donald Trump faced resistance to plans for a series of import tariffs, while a diplomatic breakthrough with North Korea also boosted optimism. Still, the International Energy Agency’s warning that OPEC production cuts will unleash a supply surge from the U.S. and other producers maintained a note of caution in the market. The production cuts that helped push prices above $60 a barrel are triggering a flood of supply from OPEC’s rivals including Brazil and Canada, which will cover all growth in global demand until 2020, the IEA said. The agency may also raise its forecast for U.S. output if oil stays above $60 a barrel, Birol said during the CERAWeek oil conference in Houston. Non-OPEC growth is so strong that the oil market will change for years, he said. Click Read More below for additional information.