Oil eased as signs of rising American crude stockpiles offset optimism for a breakthrough in the prolonged U.S.-China trade talks.
Futures lost as much as 0.4% in New York after advancing 1.1% over the previous two sessions. The American Petroleum Institute reported inventories expanded by 3.64 million barrels last week, according to people familiar with the data. Official government figures due Wednesday are forecast to show supplies slid for the first time in five weeks. President Donald Trump said talkswith Beijing on the first phase of a trade deal were near completion.
West Texas Intermediate for January delivery was down 21 cents to $58.20 on the New York Mercantile Exchange at 8:37 a.m. Singapore time. Futures rose 40 cents to settle at $58.41 a barrel on Tuesday.
Brent for January settlement climbed 62 cents to end the session at $64.27 a barrel on the London-based ICE Futures Europe Exchange on Tuesday.
Source : Bloomberg