Oil prices extend losses on supply, trade war fears
LONDON: Oil prices slipped for a third day on Wednesday as a surge in US stocks reinforced concerns about lacklustre global economic growth, while hopes ebbed for any movement on the US-China trade war.
West Texas Intermediate crude futures erased early gains to trade down 17 cents, or 0.31 per cent, at $55.04 a barrel by 0930 GMT. Brent crude futures were at $60.70 a barrel, down 21 cents, or 0.34 per cent.
Crude inventories in the United States rose by 6 million barrels last week to 445.9 million, the American Petroleum Institute, an industry group, said on Tuesday.
