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[size=36]Oil falls for a second day after Trump discouraged trade talks optimism[/size]
Economy | 11:16 - 25/09/2019
Follow - up to the balance of News
Oil fell on Wednesday for a second session on concerns that fuel demand may fall after US President Donald Trump damped optimism about the recent trade talks between the United States and China and renewed concerns about global growth.
By 0649 GMT, Brent crude futures fell 52 cents to $ 62.58 a barrel, while US West Texas Intermediate crude fell 40 cents to 56.89 dollars a barrel.
Both benchmarks fell to their lowest level since before the September 14 attack on two Saudi oil facilities.
Trump criticized China's trade practices at the UN General Assembly on Tuesday and said he would not accept a "bad deal" in trade negotiations between the United States and China.
China is the world's largest oil importer and the second largest consumer of crude. The United States is the largest oil consumer.
Trump also said he saw a path to peace with Iran even though he denounced Iran's “bloodthirsty thirst”, calming other risk premiums that have been taken into account in oil prices.
Announcement
Prices were also pressured by an unexpected rise in US oil inventories last week.
The American Petroleum Institute said on Tuesday that US oil inventories rose 1.4 million barrels last week, compared with analysts' expectations of a decline of 200 thousand barrels.
Official government data from the US Energy Information Administration is due to be released later on Wednesday
Oil fell on Wednesday for a second session on concerns that fuel demand may fall after US President Donald Trump damped optimism about the recent trade talks between the United States and China and renewed concerns about global growth.
By 0649 GMT, Brent crude futures fell 52 cents to $ 62.58 a barrel, while US West Texas Intermediate crude fell 40 cents to 56.89 dollars a barrel.
Both benchmarks fell to their lowest level since before the September 14 attack on two Saudi oil facilities.
Trump criticized China's trade practices at the UN General Assembly on Tuesday and said he would not accept a "bad deal" in trade negotiations between the United States and China.
China is the world's largest oil importer and the second largest consumer of crude. The United States is the largest oil consumer.
Trump also said he saw a path to peace with Iran even though he denounced Iran's “bloodthirsty thirst”, calming other risk premiums that have been taken into account in oil prices.
Announcement
Prices were also pressured by an unexpected rise in US oil inventories last week.
The American Petroleum Institute said on Tuesday that US oil inventories rose 1.4 million barrels last week, compared with analysts' expectations of a decline of 200 thousand barrels.
Official government data from the US Energy Information Administration is due to be released later on Wednesday
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