Oil Extends Drop on Signs Limited Trade Deal Still Not Sealed
Tuesday, 15 October 2019 09:15 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil extended declines on signs the U.S. and China still have some work to do to finalize a limited trade deal and as analysts forecast a fifth weekly increase in American crude stockpiles.

Futures in New York fell as much as 0.6% after dropping 2% on Monday. Beijing said it wants to hold more talks this month to hammer out details of the œphase one trade agreement touted by U.S. President Donald Trump. U.S. inventories rose by 3.1 million barrels last week, according to the median estimate in a Bloomberg survey, before the official data due Wednesday.

West Texas Intermediate for November delivery fell 27 cents, or 0.5%, to $53.32 a barrel on the New York Mercantile Exchange as of 10 a.m. in Singapore. It dropped $1.11 on Monday, wiping out most of Friday's $1.15 increase.

Brent crude for December settlement declined 29 cents, or 0.5%, to $59.06 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $5.70 a barrel to WTI for the same month.

Source : Bloomberg

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