Oil pared its third weekly advance as investors monitor developments in the U.S.-China trade war that has sapped demand.
Futures declined as much as 0.7% in New York after jumping 2.6% on Thursday. China’s vice premier invited U.S. trade negotiators to Beijing for further talks even as President Donald Trump is expected to sign a bill supporting Hong Kong protesters, potentially jeopardizing progress toward an initial deal. American crude stockpiles at a key storage hub fell last week by the most since August, while growing unrest in Iraq and Iran threatens supplies.
West Texas Intermediate for January delivery fell 33 cents, or 0.6%, to $58.25 a barrel on the New York Mercantile Exchange as of 10:02 a.m. Singapore time. The contract settled at $58.58 on Thursday. Front-month prices are up 0.9% this week.
Brent for January settlement lost 31 cents, or 0.5%, to $63.66 a barrel on the London-based ICE Futures Europe Exchange. The contract is up 0.6% this week. The global benchmark crude traded at a $5.41 premium to WTI.
Source : Bloomberg