Oil fell for a third day as President Donald Trump failed to provide any fresh details on progress toward a limited U.S.-China trade deal.
Futures dropped as much as 0.4% in New York after losing 0.8% over the previous two sessions. Phase one of a trade agreement could happen soon, but the U.S. would substantially raise tariffs if a deal can’t be reached, Trump said in a speech to the Economic Club of New York. American crude inventories are forecast to have risen by 1.5 million barrels last week, according to a Bloomberg survey, adding to concerns over a looming supply glut.
West Texas Intermediate for December delivery fell 17 cents, or 0.3%, to $56.63 a barrel on the New York Mercantile Exchange as of 9:54 a.m. in Singapore. It settled 0.1% lower on Tuesday after swinging between gains and losses earlier.
Brent for January delivery dropped 20 cents, or 0.3%, to $61.86 on the London-based ICE Futures Europe Exchange. The global crude benchmark traded at a $5.19 premium to WTI for the same month.