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Oil Holds Loss on Trade Deal Pessimism, U.S. Inventory Outlook


Tuesday, 12 February 2019 07:30 WIB

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Oil held losses below $53 a barrel as worries of a stalemate in U.S.-China trade talks fueled concerns about global growth and as America's crude inventories are expected to keep rising.

Futures in New York were little changed after a 0.6 percent decline on Monday. Investors remain concerned the U.S. and China won't reach a trade deal before a March 1 deadline for new tariffs to take effect even as the two countries started discussions in Beijing. American crude inventories are forecast to rise a fourth week, and the strengthening greenback reduced the appeal of commodities priced in the U.S. currency.

WTI for March delivery trades at $52.37 on Nymex, edged 4 cents down at 8:51am in Tokyo. Contract lost 31 cents to $52.41 on Monday.

April Brent fell 59 cents to $61.51/bbl on ICE Futures Europe exchange on Monday. Brent ended session at $8.73 premium to WTI for the same month.

Source: Bloomberg


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