Wednesday, 8 May 2019 07:46 WIB |
Oil steadied at lower levels after a sharp decline Tuesday amid escalating trade tensions between the U.S. and China and a report showing a further rise U.S. crude stockpiles.
U.S. crude futures were up 0.2 percent, after a 1.4 percent drop in Tuesday™s session. Brent crude futures slipped below $70 a barrel for the first time in over a month, as investors fretted about potential damage to the global economy after President Donald Trump™s weekend remarks about raising levies on Chinese goods prompted retaliatory threats from the Asian nation.
American crude stockpiles increased by 2.81 million barrels last week, according to the industry-backed American Petroleum Institute, but gasoline inventories fell by about the same amount, in a bullish sign for demand. Official government statistics are due on Wednesday.
West Texas Intermediate crude for June delivery rose 14 cents to $61.54 a barrel on the New York Mercantile Exchange as at 8:23 a.m. Sydney time. June WTI fell 85 cents to settle at $61.40 Tuesday
Brent for July delivery closed at $69.88 a barrel on the London-based ICE Futures Europe exchange, its lowest settlement since April 4.
Source : Bloomberg