Brent futures LCOc1 fell 48 cents to $63.86 per barrel by 1220 GMT, set for their biggest daily fall since December 2. West Texas Intermediate crude CLc1 slipped 36 cents to $58.88.
Crude inventories rose by 1.4 million barrels in the week to December 6 to 447 million. Analysts were expecting a fall of 2.8 million barrels.U.S.-China trade tensions continue to cloud the outlook for demand, with a December 15 deadline for the next round of U.S. tariffs on Chinese imports approaching.
“Oil prices have struggled for traction this week as demand concerns returned to the fore… The cautionary mood is likely to prevail as investors await fresh cues on the trade front.” Also adding to global supply, U.S. producers Exxon Mobil Corp and Hess Corp plan to export the first shipments of crude from Guyana between January and February, sources said.
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Oil prices drop as fears over trade war, weaker demand return to haunt market | The Guardian Nigeria News - Nigeria and World NewsOil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week to deepen crude output cuts in early 2020.
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