Oil drops on surprise U.S. crude build but tariff deadline eyed - Reuters

Oil drops on surprise U.S. crude build but tariff deadline eyed - Reuters:

Oil prices dropped almost 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday.

Brent futures LCOc1 settled at $63.72 per barrel, down 62 cents. West Texas Intermediate crude CLc1 fell 48 cents to settle at $58.76 per barrel.

U.S. crude stockpiles rose unexpectedly last week, while gasoline and distillate inventories jumped sharply higher, the Energy Information Administration said. 


Crude inventories rose 822,000 barrels last week, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel drop. At 447.9 million barrels, crude stocks were about 4% above the five-year average for this time of year, the EIA said.