Oil prices slide on escalating US-China trade dispute; rise in US inventory

US crude inventories rose by 4.1mn for the week ended Oct 4, as per API data. Energy Information Administration's report on petroleum data is due Wednesday.

Oct 09, 2019 06:10 IST India Infoline News Service

Oil prices fell on Wednesday in Asia as data from the American Petroleum Institute (API) showed US crude stockpiles rose last week.

The rising friction between the US and China also dragged prices.

US Crude Oil WTI Futures were down 0.3% at $52.44/bbl. International Brent Oil Futures were down 0.4% to $58.02/bbl.

US crude inventories rose by 4.1mn for the week ended Oct 4, as per API data. Energy Information Administration's report on petroleum data is due Wednesday. 

On the trade front, the US put multiple Chinese technology firms on blacklist earlier this week adding to tensions between the world's largest economies.

Officials from the two countries are expected to meet on Thursday to discuss the trade dispute.

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