Thursday, 9 May 2019 07:43 WIB |
Oil dipped as uncertainty ahead of the latest round of trade talks between the U.S. and China saw weakness creep back in to global equity markets.
Crude futures in New York were 0.2% lower, after rising 1.2% Wednesday. President Donald Trump appeared to dial down his rhetoric in expressing optimism about the prospect of a deal with China, but Beijing warned that it would retaliate if the U.S. follows through on a threat to hike tariffs.
Prices had been buoyed Wednesday by a surprise drop in U.S. crude supplies. The Energy Information Administration said domestic crude inventories shrank by almost 4 million barrels last week, defying expectations for an increase. Imports from Saudi Arabia slipped to an all-time low, as OPEC and its allies continued to restrict output.
West Texas Intermediate crude for June delivery fell 11 cents to $62.01 a barrel on the New York Mercantile Exchange as at 8:46 a.m. Sydney time. June WTI gained 72 cents to end at $62.12 Wednesday.
Brent for July settlement added 49 cents to $70.37 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude was at a premium of $8.15 to WTI for the same month.
Source : Bloomberg