Higher US crude stock pushes oil price down
However, oil prices have drawn support after Saudi Arabia said on Tuesday that armed drones struck two of its oil pumping stations
London — Oil fell on Wednesday after data showed a surprise rise in US crude inventories and the US-Chinese trade dispute threatened oil demand, although Middle East tensions capped losses. Brent crude futures were at $70.84 a barrel at 9.03am GMT, down 40 US cents. US West Texas Intermediate (WTI) crude futures were at $61.22 per barrel, down 56c. US crude stockpiles rose last week 8.6-million barrels in the week to May 10 to 477.8-million, data from industry group the American Petroleum Institute showed on Tuesday. This compared with analyst expectations for a decrease of 800,000 barrels. Official data on stocks from the US energy department's Energy Information Administration (EIA) will be released later on Wednesday. On Tuesday, US President Donald Trump called the trade war with China "a little squabble" and insisted talks between the world's two largest economies had not collapsed. Oil prices have drawn support after Saudi Arabia said on Tuesday that armed drones struck two of...
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