Oil Extends Slide as Trump Lashes China, Supplies Swell
Wednesday, 25 September 2019 07:50 WIB | COMMODITY |MinyakWTIBrent

Oil extended declines in Asian trading Wednesday after President Donald Trump re-opened his war of words with China over trade and a report showed crude inventories expanded last week in the world™s biggest economy.

Futures in New York were down 0.7%, adding to Tuesday™s 2.3% drop. The American Petroleum Institute was said to report a 1.38-million barrel increasein oil stockpiles, adding to downside pressure after a hardline United Nations speech by Trump that accused China of currency manipulation, theft of intellectual property and dumping. He also took aim at Iran for its œmenacing behavior.

Meanwhile, traders are closely tracking Saudi Arabia™s progress in restoring key crude installations crippled by aerial attacks more than a week ago. State-controlled oil producer Aramco has maintained that most of the disrupted capacity will be online by the end of the month, a target some observers have criticized as too ambitious.

West Texas Intermediate for November delivery fell 40 cents to $56.89 a barrel on the New York Mercantile Exchange as at 8:18 a.m. Sydney time. November WTI dropped $1.35 to settle Tuesday at $57.29 a barrel.

Brent crude for November settled down $1.67 at $63.10 a barrel on the ICE Futures Europe Exchange.

Source : Bloomberg

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