Oil Falls to Lowest in a Week After Surprise U.S. Crude Build - Bloomberg:
Oil fell for a third day as a U.S. government report showed a bigger-than-expected build in domestic crude supplies and Chile canceled a summit where the U.S. and China were expected to sign a preliminary trade accord.
Futures in New York declined to the lowest in a week on Wednesday. The Energy Information Administration reported that American crude inventories rose by 5.7 million barrels last week, beating analyst forecasts, while supplies at the key Cushing, Oklahoma, storage hub rose for a fourth week. U.S. President Donald Trump’s plan to ink a trade deal with Chinese President Xi Jinping were thrown into question when Chile canceled next month’s APEC summit where the two leaders planned to meet.
Oil fell for a third day as a U.S. government report showed a bigger-than-expected build in domestic crude supplies and Chile canceled a summit where the U.S. and China were expected to sign a preliminary trade accord.
Futures in New York declined to the lowest in a week on Wednesday. The Energy Information Administration reported that American crude inventories rose by 5.7 million barrels last week, beating analyst forecasts, while supplies at the key Cushing, Oklahoma, storage hub rose for a fourth week. U.S. President Donald Trump’s plan to ink a trade deal with Chinese President Xi Jinping were thrown into question when Chile canceled next month’s APEC summit where the two leaders planned to meet.
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