U.S. oil futures settled slightly lower Wednesday, giving up earlier gains, as minutes from the Federal Reserve's September meeting raised worries about the economy and government data revealed a fourth straight rise in domestic crude supplies.
Prices had moved higher earlier in the trading session on the back of optimism over U.S.-China trade negotiations, and as the U.S. government also reported a fall in petroleum-product stocks.
A news report said Beijing was open to a limited trade deal, but analysts noted that sentiment around the negotiations, with high-level talks set to resume in Washington on Thursday, has tended to swing sharply between optimism and negativity.
West Texas Intermediate crude for November delivery on the New York Mercantile Exchange fell by 4 cents, or 0.08%, to settle at $52.59 a barrel on the New York Mercantile Exchange after trading as high as $53.74 during the session. December Brent crude added 8 cents, or 0.1%, to end at $58.32 a barrel on ICE Futures Europe.
The Energy Information Administration reported that U.S. crude supplies climbed for a fourth week in a row, by 2.9 million barrels for the week ended Oct. 4. They were forecast to increase by 2.4 million barrels, according to analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a rise of 4.1 million barrels, according to sources.
Source : MarketWatch