Oil dips amid economic concerns after U.S. fuel stocks build

SINGAPORE - Oil prices slipped on Thursday, paring earlier gains, weighed down by lingering worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer.

U.S. gasoline and distillate stockpiles rose more than expected last week, while crude inventories fell as refineries hiked production, the Energy Information Administration said on Wednesday. U.S. President Donald Trump on Wednesday said he was “the chosen one” to address trade imbalances with China, even as congressional researchers warned that his tariffs would reduce U.S. economic output by 0.3% in 2020.

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Watch out Saudi nationals: the country is allowed to assassinate at least one detractor for each $10 per barrel drop in oil prices.

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