Oil prices recede on surprise rise in US inventories after sharp climb

The news of the tariff delay lifted commodities, stocks, and other assets, with oil prices surging by as much as 5%.

Aug 14, 2019 06:08 IST India Infoline News Service

Oil prices fell on Wednesday after rising above $60/bbl on news that the US would delay some tariffs on Chinese goods.

The prices fell today as industry data showed that US crude inventories unexpectedly rose last week, erasing some gains from the previous session.

The news of the tariff delay lifted commodities, stocks, and other assets. Oil prices surged by as much as 5%.

However, currently, Brent crude was down 35 cents, or 0.6%, at $60.95 a barrel after rising 4.7% on Tuesday.

U.S. oil was down 46 cents, or 0.8%, at $56.64 a barrel, having risen 4% the previous session.

US crude inventories increased by 3.7mn barrels to 443mn, compared with analyst expectations for a decrease of 2.8mn barrels, according to API.

Further, China’s commerce ministry said in a statement on Tuesday that US and Chinese trade officials agreed to resume trade talks within two weeks.

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