Oil fell for a fourth day on increasing pessimism over the global economic outlook and after American crude inventories expanded more than expected.
Futures in New York lost as much as 2.3% in early trading after the South China Morning Post reported no progress was made in trade discussions between the U.S. and China that have restarted this week and that the Beijing delegation would leave early. Most of those losses were erased after the White House said it wasn’t aware of a change in travel plans and on a people familiar report that U.S. is weighing a currency pact with China as part of a trade agreement.
West Texas Intermediate for November delivery fell 21 cents, or 0.4%, to $52.38 a barrel on the New York Mercantile Exchange as of 9:27 a.m. Singapore. The contract lost 4 cents to close at $52.59 on Wednesday.
Brent for December settlement dropped 28 cents, or 0.5%, to $58.04 a barrel on the London-based ICE Futures Europe Exchange. It rose 8 cents to $58.32 on Wednesday. The global benchmark crude traded at a $5.68 premium to WTI for the same month.