Singapore/London — Oil prices fell on Thursday after industry data showed a larger-than-expected build-up in the US inventories, but losses were limited after China said it hoped to reach a phased trade agreement with the US as early as possible.
US crude inventories soared by 10.5-million barrels to 432.5-million barrels in the week to October 11, the American Petroleum Institute’s weekly report showed ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose by about 2.8-million barrels last week.
If confirmed by the government data, the build-up would be the biggest US inventory increase since February 2017, Innes said. Still, hopes of a potential US-China trade deal helped offset oil price losses. China’s commerce ministry said on Thursday that China hopes to reach a phased agreement with Washington as early as possible, and make progress on cancelling tariffs on each others’ goods.
Source: News Formal (newsformal.com)
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