Oil futures lose ground Wednesday after data from an industry trade group shows a rise in U.S. crude inventories and a news report said the topic of a joint...
Oil futures lost ground Wednesday after data from an industry trade group showed a rise in U.S. crude inventories and a news report said the topic of a joint release of crude supplies was discussed by President Joe Biden and Chinese leader Xi Jinping in a virtual meeting earlier this week.
The South China Morning Post reported that the U.S. had asked China to release oil reserves to help tamp down international prices and that the topic came up during the Biden-Xi virtual summit late Monday. “The hesitation appears to be because the market outlook is more comfortable in 2022, while an SPR release would also only offer short-term relief to the market,” said Warren Patterson, head of commodities strategy at ING, in a note.
Traders were also awaiting the U.S. Energy Information Administration’s official weekly data on oil and product inventories after the American Petroleum Institute late Tuesday said that U.S. crude inventories rose by 655,000 barrels in the week ended Nov. 12.
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