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Oil drops on doubts U.S.-China trade deal will be signed soon, rising U.S. stockpiles

Published 11/08/2019, 08:57 AM
Updated 11/08/2019, 09:00 AM
© Reuters. Oil drops on doubts U.S.-China trade deal will be signed soon, rising U.S. stockpiles
LCO
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TOKYO, Nov 8 (Reuters) - U.S. crude oil futures fell on
Friday amid fading hopes that a deal to end the lingering trade
war between Washington and Beijing would be signed any time
soon, the gloom compounded by rising crude inventories in the
United States.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 15
cents, or 0.2%, at $57 a barrel by 0032 GMT. The contract rose
1.4% on Thursday.
Brent crude LCOc1 , the global benchmark, was yet to trade
after gaining 0.9% in the previous session.
The trade war between the world's two biggest economies has
slowed economic growth around the world and prompted analysts to
lower forecasts for oil demand, raising concerns that a supply
glut could develop in 2020.
On Thursday, the Chinese commerce ministry said the two
countries have agreed in the past two weeks to cancel trade
tariffs in different phases, without giving a timeline.
But that comment was shrouded in doubt soon after when
Reuters reported that the plan faces stiff internal opposition
in the U.S. administration. Still, Brent is up almost 16% in 2019, supported by a deal
between the Organization of the Petroleum Exporting Countries
and allies such as Russia to limit supplies until March next
year. The producers meet on Dec. 5-6 in Vienna to review the
policy.
Meanwhile there is "lingering concern about a rise in
inventories in the U.S. last week," ANZ said in a note.
U.S. crude oil stockpiles rose sharply last week as
refineries cut output and exports dropped, while refined
products extended a multi-week drawdown, the Energy Information
Administration said on Wednesday. EAI/S
Stocks at the Cushing, Oklahoma, delivery hub for WTI
USOICC=ECI rose by 1.7 million barrels, the EIA said.


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