Oil prices dropped on Wednesday after industry data showed a larger-than-expecte...
SEOUL - Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in U.S. crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses.
Brent crude futures LCOc1 were at $62.73 a barrel by 0120 GMT, down 23 cents, or 0.4%, from their previous settlement. Brent settled up 1.3% at $62.96 a barrel. U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute released on Tuesday. That was nearly triple analysts’ forecast for an increase of 1.5 million barrels.However, hopes for a breakthrough on trade in talks between the United States and China, the world’s two biggest oil consumers, remained and kept price falls in check.
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