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China has pledged to buy "a substantial amount" of agricultural, energy and manufactured goods from the U.S., the U.S. Trade Representative's (USTR) office said on Wednesday. After trade negotiations between U.S. and Chinese officials wrapped up in Beijing, the USTR said the two sides discussed "ways to achieve fairness, reciprocity and balance in trade relations between our two countries", but did not provide details. U.S. and Chinese officials also discussed issues related to intellectual property protections and the need for any agreement that resolves the trade dispute "to provide for complete implementation subject to ongoing verification and effective enforcement," according to the USTR.

EIA said on Wednesday. In the week to January 4, commercial inventories of crude oil in the U.S. drew down by 1.7 mil bbls, in contrast to expectations for a decline of 2.8 mil bbls. Crude stockpiles at the Cushing, Oklahoma, hub rose by 330,000 bbls, the EIA added.

Saudi Arabia's energy minister said on Wednesday that he is confident that the supply cuts being undertaken by OPEC and its allies will bring the oil market into balance, unless there was an unexpected development. Khalid al-Falih also told reporters that he would not rule out calling for further action from OPEC+. However, he added that market conditions look better now than a few weeks ago.

Saudi Arabia plans to reduce its oil exports further in February as it follows through on a deal to cut output, its Energy Minister Khalid al-Falih told a news conference on Wednesday. The kingdom will export 7.1 mil bpd in February, down from 7.2 mil bpd in January. Al-Falih added that Saudi Arabia is currently producing 10.20 mil bpd, compared to its output target of 10.311 mil bpd under the accord to curb supply.