Oil Falls From 12-Week High as Report Shows U.S. Stockpile Build - Bloomberg:
Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to signs that supplies will remain abundant next year.
Futures in New York dropped as much as 0.7% after settling above $59 a barrel on Tuesday. The American Petroleum Institute reported that U.S. stockpiles increased by 1.41 million barrels, according to people familiar with the data. Chinese officials expect the U.S. to delay a tariff increase scheduled for Sunday, giving more time to negotiate an interim trade deal, people with knowledge of the discussions said.
Crude has been hovering around the highest levels since mid-September after the Organization of Petroleum Exporting Countries and its allies surprised the market on Friday by announcing deeper-than-forecast production cuts for next year. There’s also optimism that a limited trade deal may materialize, though there remains a lot of uncertainty. White House Trade Adviser Peter Navarro told Fox Business Network that there’s no indication President Donald Trump has made a decision either on a deal or on the tariff hike.
Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to signs that supplies will remain abundant next year.
Futures in New York dropped as much as 0.7% after settling above $59 a barrel on Tuesday. The American Petroleum Institute reported that U.S. stockpiles increased by 1.41 million barrels, according to people familiar with the data. Chinese officials expect the U.S. to delay a tariff increase scheduled for Sunday, giving more time to negotiate an interim trade deal, people with knowledge of the discussions said.
Crude has been hovering around the highest levels since mid-September after the Organization of Petroleum Exporting Countries and its allies surprised the market on Friday by announcing deeper-than-forecast production cuts for next year. There’s also optimism that a limited trade deal may materialize, though there remains a lot of uncertainty. White House Trade Adviser Peter Navarro told Fox Business Network that there’s no indication President Donald Trump has made a decision either on a deal or on the tariff hike.
No comments:
Post a Comment