Oil Falls as U.S. Inventories Rise but Demand Hopes Stem Bigger Drop

Oil prices fell on Wednesday after U.S. industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade row.

Brent LCOc1 dropped 34 cents, or 0.5%, to $65.76 a barrel by 1315 GMT on Wednesday. U.S. West Texas Intermediate (WTI)CLc1 fell 41 cents, or 0.7%, to $60.53 per barrel.

Prices had risen more than 1% in the previous session after the announcement last week of the so-called Phase One U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy demand.

“The sizzling oil market rally came to…

View entirety: Reuters