Singapore — Oil prices dipped on Thursday, pulled down by rising US crude inventories and as markets tried to interpret US President-elect Donald Trump’s surprise victory. US crude stocks rose by 2.4-million barrels to 485-million barrels last week even though refineries hiked output and imports fell, the US Energy Information Administration (EIA) said on Wednesday. But the inventory data was overshadowed by Trump’s election win, which initially stunned markets and led Ian Bremmer, president of US risk consultancy Eurasia Group, to warn that "the world is heading into a profound geopolitical recession". Markets still shook off deep post-election losses and recovered. "Investors have brushed aside the shock of the Trump victory in the US election," ANZ bank said. BMI Research said Trump’s expected pro oil and gas industry policies might mean that US "production of oil and gas could recover at a faster rate in 2017 as developers grow more encouraged". US West Texas Intermediate (WTI) ...
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