Oil slipped on Wednesday after an industry report showed a surprise build-up in ...
SINGAPORE - Oil slipped on Wednesday after an industry report showed a surprise build-up in U.S. crude inventories, but optimism surrounding the signing of the first phase of a U.S.-China trade deal prevented a bigger slide in prices.
Wednesday’s decline reversed two days of gains, with WTI climbing 1.1% through Tuesday and Brent gaining 1.4% during the period, on the expectation that China and the United States, the world’s two biggest crude oil users, would soon sign a preliminary agreement beginning an end to their 16-month trade war.
Later on Wednesday the U.S. Energy Information Administration is due to publish official inventory data. [EIA/S] U.S. President Donald Trump said on Tuesday that the United States and China are close to agreement on the first phase of their trade deal, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.
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