Falling oil and fears of trade war dominate the decline in inventories[/rtl]
[rtl]Release date:: 2019/10/30 12:22 • 56 times read[/rtl]
NEW YORK (Reuters) - Oil prices fell on Wednesday as a possible delay in settling a trade dispute between the United States and China overshadowed a drop in US crude oil inventories.
Brent crude <LCOc1> was down 7 cents, or 0.1 percent, at $ 61.52 a barrel by 0735 GMT, and was down at $ 61.32.
US West Texas Intermediate lost 15 cents, or 0.3%, to $ 55.39 a barrel, and earlier fell to a low of $ 55.16.
According to the American Petroleum Institute data, US crude oil inventories fell by 708 thousand barrels in the week ending October 25 to 436 million barrels, compared with expectations of analysts to increase 494 thousand barrels.
"The market has largely ignored the decline in US crude inventories and assumed that the demand side will remain weak in the near future," said Margaret Yang, market analyst at CMC Markets in Singapore.
"Optimism about the first phase agreement between the United States and China is putting more pressure on oil prices as trade risks are rising." is over