Crude oil slips on oversupply concerns, trade jitters

Crude stockpiles in the US rose 6mn barrels in the week to Nov 15 to 445.9mn, American Petroleum Institute data showed.

Nov 20, 2019 08:11 IST India Infoline News Service

Crude Oil and Energy

Oil prices fell for the third day on Wednesday following a rise in US stockpiles as well as a limbo on the U.S.-China trade deal front.

West Texas Intermediate (WTI) crude futures erased early gains to fall 0.1% at $55.15/bbl. Brent crude futures fell to $60.71/bbl, down 3.8% in the last two sessions.

Crude stockpiles in the US rose 6mn barrels in the week to Nov 15 to 445.9mn, American Petroleum Institute data showed.

The jump in inventory raised concerns regarding crude oversupply after Reuters reported that Russia, the world's second-biggest producer, was unlikely to back deepening output cuts when the Organization of the Petroleum Exporting Countries (OPEC) meets on Dec 5-6 in Vienna.

All eyes are now on the OPEC meet as well as trade deal which affects the outlook for the demand of crude oil.

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