SINGAPORE - Oil slipped on Wednesday after U.S. industry data showed a bigger-than-expected build in crude stockpiles, but possible deeper production cuts coming from OPEC and its allies prevented a further slide in prices.
International benchmark Brent crude futures dropped 28 cents, or 0.47%, to $59.42 a barrel by 0123 GMT on Wednesday.U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analyst expectations for a gain of 2.2 million barrels, data from industry group the American Petroleum Institute showed.
OPEC and other oil producers including Russia, which have pledged to cut production by 1.2 million barrels per day until March 2020, are scheduled to meet again on Dec. 5-6. Meanwhile, easing trade tensions between China and the United States, the world’s two largest economies, were also helping to cushion overall sentiment for oil, traders said.
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