Oil falls as big US inventory build-up offsets hopes for US-China trade talks
Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in US crude stocks, after gaining for three straight sessions on expectations of an easing in US-China trade tensions.
Brent crude futures were at $62.60 a barrel by 0330 GMT, down 36 cents, or 0.6 per cent. Brent settled up 1.3 per cent on Tuesday.
US West Texas Intermediate (WTI) crude futures fell 29 cents, or 0.5 per cent, to $56.94 per barrel, having closed up 1.2 per cent in the previous session.
US crude inventories rose by 4.3 million barrels in the week ended November 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.
