Dubai – Masaader News
Oil prices fell on Thursday after industry data showed a larger-than-expected build-up in the U.S. inventories, but losses were limited after China said it hoped to reach a phased trade agreement with the United States as early as possible. Reuters reported.
Global benchmark Brent crude oil LCOc1 was down by 39 cents at $59.03 a barrel by 0837 GMT. U.S. WTI crude oil CLc1 was down 43 cents at $52.93.
U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, the American Petroleum Institute’s weekly report showed ahead of official government stocks data due on Thursday.
Analysts had estimated U.S. crude inventories rose by around 2.8 million barrels last week.