Oil falls as big US crude build offsets hopes for US-China trade talks
Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in U.S. crude stocks, after gaining for three straight sessions on expectations of an easing of in U.S.-China trade tensions. Brent crude futures were at $62.60 a barrel by 0330 GMT, down 36 cents, or 0.6%. Brent settled up 1.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures fell 29 cents, or 0.5%, to $56.94 per barrel, having closed up 1.2% in the previous session.
U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts’ forecast for an increase of 1.5 million barrels.
