Don’t look now…

Top trade negotiators from China and the United States held a phone call on Tuesday morning, China’s Commerce Ministry said, as the two sides try to hammer out a preliminary “phase one” deal in a trade war that has dragged on for 16 months.

U.S. crude inventories probably fell by 939,000 barrels to 449.4 million last week, which would be the first drop in five weeks, according to the median estimate in a Bloomberg survey.

The API prediction comes out tonight and this could help firm up prices right to the top end of the range we have been stuck in. We are already at $63.70 level now, and with further predictions of drawdowns in stocks this may push us into a new phase. or it could be the sound of the truck load of salt you have to take along with any poll or API stock prediction.

Let’s keep one eye on Twitter to get coverage of how the US–China negotiations are going, and one eye on the oil news feed later today for the API, this should keep you covered, unless they are looking different ways and then you are going to be pulling a very funny face indeed.