Oil falls on US stock rise and poor data from Europe and China

Oil prices fell on Wednesday on disappointing economic data from China and Europe and a rise in US crude inventories, partly erasing the previous session’s sharp gains after the US said it would delay tariffs on some Chinese products.

China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the US intensifies. The global slowdown amplified by tariff conflicts and uncertainty over Brexit also shrank European economies. A slump in exports sent Germany’s economy into reverse in the second quarter, data showed.Profit taking after Tuesday’s sharp gains also weighed on crude prices on Wednesday, analysts said.

“While Brent crude has recovered back above $60 a barrel, the technical outlook for WTI looks somewhat better after once again managing to find support above $50 a barrel,” said Ole Hansen, head of commodity strategy at Saxo Bank. “The range-bound behaviour, however, looks set to continue with focus on US-China trade talks and continued production restraint from oil cartel Opec, led by Saudi Arabia.

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