Oil falls on US stock rise and poor data from Europe and China
China reports weaker than expected July economic data and the API reports US crude oil stocks rise 3.7-million barrels
London — Oil prices fell on Wednesday on disappointing economic data from China and Europe and a rise in US crude inventories, partly erasing the previous session’s sharp gains after the US said it would delay tariffs on some Chinese products.
Brent crude was down 49c, or 0.8%, at $60.81 a barrel at 9.54am GMT, after rising 4.7% on Tuesday, the biggest percentage gain since December. US West Texas Intermediate (WTI) crude future was down 73c, or 1.3%, at $56.37 a barrel, having risen 4% the previous session, the most in just more than a month.