Oil falls after data on increasing US oil inventories

6 Nov 2019 10:38 AM


 Oil prices fell on Wednesday after US oil inventories rose more than expected after a series of gains they managed to achieve, with expectations that trade frictions between the United States and China will begin to ease and optimism over global demand growth will dominate the coming period.
Brent crude futures fell 0.6% to $ 62.58 a barrel after yesterday's 1.3% rise. WTI futures reached $ 56.93 a barrel, down 0.5%.
US oil inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, data from the American Petroleum Institute showed, with expectations of only 1.5 million barrels.
The global markets are awaiting this evening the US oil inventories data issued by the Energy Information Administration. If inventories rise more than expected, this will put pressure on oil trading.

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