Tuesday, 26 October 2021

Oil prices fell

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NEW YORK: Oil prices fell on Wednesday as a possible delay in resolving the US-China trade war overshadowed a drop in US crude inventories.

Brent crude was down 18 cents, or 0.3 per cent, at $61.41 a barrel by 0405 GMT after gaining 2 cents on Tuesday.

US West Texas Intermediate (WTI) crude was down 27 cents, or 0.5pc, at $55.27 a barrel, having dropped 0.5pc in the previous session.

US crude inventories fell 708,000 barrels in the week ended Oct 25 to 436 million, compared with analysts’ expectations for an increase of 494,000 barrels, according to data from the industry group, the American Petroleum Institute.

“The market has largely ignored the decline in US crude inventories and assumed the demand side will remain weak in the foreseeable future as the global cyclical slowdown deepens,” said Margaret Yang, market analyst at CMC Markets in Singapore.

“Fading optimism over a US-China phase-one deal further weighed on oil prices as trade risks are set to rise,” she said.

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