Oil prices fell today as US government data showed a surprise rise in US crude inventories, and as tensions escalated between the United States and China.
Crude inventories rose by 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations in a Reuters poll for a 2.1 million-barrel drop. Production rose to 11.1 million bpd, up 100,000 bpd. Bjornar Tonhaugen, Rystad Energy's head of oil markets, said Trump's comments might be welcomed by investors because they are among the most measured by him or his administration so far.
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