Oil fell for a second day after U.S. crude production rose to a record and President Donald Trump signed a bill into law expressing support for the Hong Kong protesters, potentially complicating trade talks with China.
Futures declined as much as 0.5% in New York after dropping by the same amount Wednesday. American stockpiles defied analyst expectations to expand for a fifth week and output reached 12.9 million barrels a day, according to the Energy Information Administration. The legislation signed by Trump requires annual reviews of Hong Kong’s special trade status under American law. China threatened to retaliate in a statement that didn’t offer any details.
West Texas Intermediate for January delivery fell 24 cents, or 0.4%, to $57.87 a barrel on the New York Mercantile Exchange as of 10:10 a.m. in Singapore. The contract lost 30 cents to settle at $58.11 a barrel on Wednesday.
Brent for January settlement dropped 0.3% to $63.87 a barrel on the ICE Futures Europe Exchange after losing 0.3% on Wednesday. The global benchmark crude traded at a $5.99 premium to WTI.
Source : Bloomberg