Oil Holds Losses Near $53 Amid Pessimism Over U.S.-China Talks
Wednesday, 23 January 2019 08:02 WIB | COMMODITY |MinyakWTIBrent

Oil held losses near $53 a barrel amid pessimism over the prospects for a trade deal between the U.S. and China.

Futures in New York were little changed after falling 1.9 percent on Tuesday. U.S. stocks fell Tuesday after the Financial Times reported the Trump administration canceled preparatory talks with Chinese officials because of a lack of progress on œforced technology transfers and œstructural reforms to China™s economy. President Donald Trump™s top economic adviser Larry Kudlow denied reports on the cancellation of the talks in an interview with CNBC.

U.S. crude inventories are forecast to decline 500,000 barrels last week in a Bloomberg survey of analysts. If Energy Information Administration data due Thursday confirms that, it will be a seventh decline in eight weeks.

OPEC sees œvery sharp reductions in supply after the group and its allies agreed to curb 1.2 million barrels a day in the first quarter of 2019, Secretary-General Mohammad Barkindo says in Bloomberg TV interview from Davos, Switzerland.

WTI for March delivery trades at $52.92/bbl on Nymex, -9c, at 8:51am in Tokyo. Contract -$1.03 to $53.01 on Tuesday.

March Brent fell -$1.24 to $61.50/bbl on ICE Futures Europe exchange on Tuesday.

Source : Bloomberg

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