Oil headed for a weekly drop as optimism over U.S.-China trade detente was tempered by signs it will still be hard to reach even a limited deal, while American crude inventories data painted a mixed picture.
Futures in New York edged lower on Friday and are down 1.5% for the week. Crude closed 1.1% higher Thursday as shrinking stockpiles of refined fuelsoutweighed the biggest increase in American crude stockpiles in almost six months, according to Energy Information Administration figures. The U.S. is pushing ahead with legislation to support pro-democracy protesters in Hong Kong, which may make reaching a trade agreement more difficult.
West Texas Intermediate for November delivery fell 7 cents to $53.86 a barrel on the New York Mercantile Exchange as of 10:38 a.m. in Singapore. The contract is down 83 cents since Oct. 11 and is on course for its third weekly drop in four.
Brent crude for December settlement fell 23 cents to $59.68 on the London-based ICE Futures Europe, taking its weekly drop to 1.4%. The global benchmark was at a premium of $5.74 to WTI for the same month.
Source : Bloomberg