Oil gains ahead of U.S. data, dollar slips

Tue Apr 4, 2017 4:27pm EDT
 
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By Rodrigo Campos and Herbert Lash

NEW YORK (Reuters) - Oil prices rose to a near one-month high on Tuesday on expectations of lower U.S. crude inventories, while the dollar eased as investors remained cautious ahead of meetings between U.S. President Donald Trump and Chinese President Xi Jinping.

The upcoming French presidential election also kept investors cautious as political risk concerns remained active ahead of the Trump-Xi meetings this Thursday and Friday.

U.S. stocks edged higher, following modest gains in Europe, with the energy and industrials sectors helping buoy Wall Street and European shares.

Global and U.S. crude oil benchmarks rose to their highest since March 8, having recovered on expectations the Organization of the Petroleum Exporting Countries (OPEC) and other producers would cut output.

"OPEC compliance is still holding better than we expected with next week's release of various monthly agency reports likely to confirm," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.

U.S. crude CLcv1 rose 79 cents to settle up at $51.03 a barrel and Brent LCOcv1 settled up $1.05 to $54.17.

The American Petroleum Institute will report inventory data at 4:30 p.m. EDT (2030 GMT) on Tuesday, while the U.S. Energy Information Administration will announce official figures on Wednesday at 10:30 a.m. EDT. [API/S]

The safe-haven yen advanced to a one-week high against the dollar and a 4-1/2-month peak versus the euro ahead of the Trump-Xi summit at the U.S. president's Mar-a-Lago resort in Florida.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in the Manhattan borough of New York, New York, U.S., April 4, 2017. REUTERS/Brendan McDermid