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World oil prices fall for the third consecutive day due to US inventories
Oil prices fell markedly for a third day on Wednesday, as US crude inventories increased after concerns about lackluster global economic growth, while hopes for any move on the front of the China-US trade war faded.
US West Texas Intermediate (WTI) crude futures erased early gains, falling 6 cents, or 0.1 percent, to $ 55.15 a barrel, after falling 4 percent over the previous two sessions.
Brent crude futures were at $ 60.71 a barrel, down 20 cents, or 0.3 percent. Brent fell 3.8 percent over the previous two sessions.
Crude inventories in the United States, the world's largest oil consumer, rose 6 million barrels in the week to Nov. 15 to 445.9 million barrels, data from the American Petroleum Institute showed on Tuesday night.
Russia and OPEC agreed to cut production by 1.2 million barrels per day until March to boost prices, in a producer alliance known as OPEC +.
Official data on US government inventories from the Energy Information Administration are due on Wednesday.
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