Decline reverses two days of gains, with West Texas Intermediate and Brent gaining on the expectation that the US-China trade war could end
Oil eased on Wednesday after an industry report showing a surprise build in US crude stockpiles, but hopes surrounding the signing of the first phase of a US-China trade deal prevented a bigger drop in prices.
But data from industry group the American Petroleum Institute late on Tuesday showed US crude stocks rose by 3.6-million barrels in the week to November 22 to 449.6-million, compared with analysts’ expectations for a decrease of 418,000 barrels. “If the [EIA] numbers are similar to the API, this would be the fifth straight week of stock builds, and would not be the most constructive reading for WTI as we head into the Thanksgiving holiday,” ING analyst Warren Patterson said in a note.
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