Oil prices fell on Wednesday as prospects for a trade deal between the United St...
SINGAPORE - Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand.
Brent crude futures LCOc1 edged down 32 cents, or 0.5%, to $61.74 a barrel by 0758 GMT, while U.S. West Texas Intermediate crude CLc1 was at $56.54, down 26 cents or 0.5%. Even as U.S. production growth slows from the breakneck pace of recent years, the world’s top oil producer will still account for 85% of the increase in global oil output to 2030, and for 30% of the increase in gas, the agency said.
In the United States, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday. The American Petroleum Institute is scheduled to release its data for the latest week at 4:30 p.m. EST on Wednesday, while the weekly report from the U.S. Energy Information Administration is due at 11:00 a.m. EST on Thursday. [API/S] [EIA/S]
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