OCTOBER 10TH, 2019
Oil eases due to trade tensions
New Morning - Agencies:
BAGHDAD (Reuters) - Iraq raised the official selling price of Basra Light crude for November to Asia by 80 cents to $ 2.45 a barrel above the average prices offered for Oman and Dubai crude compared with the previous month, a pricing document seen by Reuters on Wednesday.
The sale price of Basra heavy crude to Asia in the same month at a discount of $ 0.70 a barrel from the average prices offered for Oman and Dubai, up 55 cents.
Globally, oil prices fell for the third straight session on Wednesday as tensions between the United States and China mounted ahead of trade talks this week, adding to uncertainty about global economic growth and oil demand.
Also curbing prices, US oil sector data show a larger-than-expected rise in inventories at the world's largest oil producer and consumer.
Brent crude futures fell 12 cents, or 0.2 percent, to $ 58.12 a barrel, while US West Texas Intermediate crude fell 12 cents, or 0.2 percent, to 52.51 dollars a barrel.
Negotiators from the world's two largest economies are due to meet in Washington on Thursday and Friday in the latest push for a deal aimed at ending a protracted trade dispute that has slowed global economic growth.
But tensions between the two countries increased this week after the United States imposed visa restrictions on Chinese officials over the arrest or violation of the rights of Muslim minorities, while the row escalated over comments from a senior NBA official supporting the protests in Hong Kong.
Meanwhile, data from the American Petroleum Institute showed on Tuesday that crude inventories in the United States rose by 4.1 million barrels in the week ending October 4 to 422 million.
Analysts had expected an increase of 1.4 million barrels, according to a Reuters poll.
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