Oil drops on vague US-China trade talks and US supply surge
US fuel supply swells to nearly 12-million bpd, as Opec and its partners cut supply to rein in the emerging glut
London — Oil prices fell more than 1% on Thursday due to the lack of any clear resolution to US-China trade talks and official data that again indicated vast fuel stocks in the US. US West Texas Intermediate (WTI) crude oil futures were at $51.66 a barrel at 9.50pm GMT, down 70c, or 1.3%, from their last settlement. International Brent crude futures were also down 1.3%, or 79c, at $60.65 a barrel. Both benchmarks rose by about 5% the previous day, capping off a week-long climb that marked oil’s longest sustained rise since last summer. Global financial markets had surged on hopes that Washington and Beijing may soon end their dispute and avert an all-out trade war between the two biggest economies. Some of the positive feeling ebbed on Thursday, however, a day after negotiations wrapped up with mildly positive statements from both sides but few details. The US trade representative’s offices said in a statement on Wednesday that the two sides discussed “ways to achieve fairness, reci...
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