Oil held losses near a two-week low on signs of swelling American crude inventories, while investors monitored developments on the U.S.-China trade war.
Futures were steady in New York after slumping 3.2% on Tuesday, the most since the end of September. The American Petroleum Institute reported crude stockpiles rose by 5.95 million barrels last week, according to people familiar with the data. Government figures Wednesday are forecast to show inventoriesgained by 1.5 million barrels. The U.S. Senate passed legislation supporting Hong Kong protesters, potentially complicating trade talks with Beijing.
West Texas Intermediate for December delivery, which expires Wednesday, rose 8 cents to $55.29 a barrel on the New York Mercantile Exchange as of 9:55 a.m. in Singapore. Futures lost $1.84 to settle at $55.21 on Tuesday, the lowest since Oct. 31. The more-active January contract rose 11 cents to $55.46.
Brent for January settlement gained 3 cents to $61.94 a barrel on the London-based ICE Futures Europe Exchange. The contract fell $1.53 to close at $60.91 on Tuesday. The global benchmark crude traded at a $5.49 premium to WTI for the same month.
Source : Bloomberg