empty
 
 

2019.11.0609:24:00UTC+00Oil Dips After Inventory Build

Oil prices fell on Wednesday after rising for three straight sessions on optimism about progress in U.S.-China trade negotiations. Caution set in after a report showed a larger-than-expected build-up in U.S. crude stocks.

Benchmark Brent crude dropped 0.7 percent to $62.52 a barrel, after settling up 1.7 percent on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures were down 0.6 percent at $56.88 per barrel, after having risen 1.2 percent in the previous session.

The American Petroleum Institute reported late Tuesday that U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1. That was nearly triple analysts' forecast for an increase of 1.5 million barrels.

Official data from the Energy Information Administration (EIA) is due later in the session.

Meanwhile, investors remain hopeful for a resolution to the current U.S.-China trade war, with U.S. President Donald Trump and Chinese President Xi Jinping widely expected to sign phase one of the agreement sometime this month.

The two sides are working to narrow their differences enough to sign a "phase one" trade deal that could allow the U.S. to scrap tariffs on about $156 billion worth of Chinese imports currently set to take effect on December 15.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback