Oil prices drop as data shows surprise climb in U.S. inventories - Reuters

Oil prices drop as data shows surprise climb in U.S. inventories - Reuters:

Oil prices fell on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods.

The move by U.S. President Donald Trump sent commodities, stocks and other assets higher because of optimism the effects of the trade war, already being felt in economies across the world, will be blunted. Oil prices surged by as much as nearly 5 percent.

Brent crude was down 35 cents, or 0.6%, at $60.95 a barrel at 0116 GMT, after rising 4.7% on Tuesday, the biggest percentage gain since December.

U.S. oil was down 46 cents, or 0.8%, at $56.64 a barrel, having risen 4% the previous session, the most in just over a month.