Oil down more than $1 a barrel on U.S. crude build, delay in U.S.-China trade pact - Reuters

Oil down more than $1 a barrel on U.S. crude build, delay in U.S.-China trade pact - Reuters:

Oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories and after Reuters reported that the signing of a U.S.-China trade deal could be delayed until December.

Brent crude LCOc1 settled at $61.74 a barrel, losing $1.22 cents, or 1.94 percent. West Texas Intermediate crude CLc1 settled at $56.35 a barrel, losing 88 cents, or 1.54%.

Prices extended losses after Reuters reported that a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue.