London — Oil prices slipped for a third day on Wednesday as a surge in US stocks reinforced concerns about lacklustre global economic growth, while hopes ebbed for any movement on the US-China trade war.
“The API data ... showed US inventories posted a rather robust increase last week, which if confirmed by the EIA report, could see oil prices continue to slide,” Oanda analyst Edward Moya said. Russia and other oil producers have agreed with Opec to cut 1.2-million barrels per day of output through March to bolster prices.
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Oil falls again on trade deal fatigue and US crude stocks increaseRising Middle East tension, particularly in Iraq where a commodities port was blocked, is helping support oil prices
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