LONDON. — Oil prices fell yesterday after US 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 US-China trade row.
Brent crude futures dropped 41 cents, or 0,6 percent, to $65,69 a barrel by 0940 GMT yesterday. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0,9 percent, to $60,42 per barrel.
Prices had risen more than 1 percent in the previous session after the announcement last week of the so-called Phase One of a US – China trade deal, which lifted global economic prospects and improved the outlook for energy demand.
“The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly US crude inventory report,” said Stephen Innes, market strategist at AxiTrader, although he said figures for stocks were “unlikely to be a game-changer.” — Reuters.