Black gold wiped out recent gains and became a red zone because over - supply concerns relocated to markets as US crude output levels increased.
According to the newest EIA report, US crude output reached a record 11.9 million bpd by more than 2 million bpd in 2018.
Oil prices bounced in early Asia and refreshed fresh highs in 2019 at 56.77 amid a better sentiment of risk in the hope that the US and China will reach a trade resolution.
The US weekly crude supply data due to the cards later today at 2130 GMT stay nearly relevant for the oil markets, as markets await fresh developments from the US-Sino trade talks.
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