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Oil Prices Drop Amid U.S. Rising Inventories

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U.S. Oil prices fell for the second straight day yesterday amid market concerns over limited progress between China and the United States on rolling back trade tariffs, exacerbated by a rise in US inventories.

West Texas Intermediate, WTI, crude fell 10 cents or 0.18 per cent to $56.95 a barrel falling again from an eight-week high hit last Friday when hopes for the trade deal rose.

Brent crude futures were down 12 cents, or 0.19 per cent, at $62.32.

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It would be recalled that a Chinese government source was quoted by broadcaster CNBC; on Monday as saying there was gloom in Beijing about prospects for a trade deal, with Chinese officials troubled by US President Donald Trump’s comment that there was no agreement on phasing out tariffs.

“We had reports overnight that the mood in Beijing was pessimistic,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

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“The lack of announcement is really concerning for the demand outlook the market is very nervous about the trade talks.”

The lingering trade battle that has seen the world’s two biggest economies impose tit-for-tat tariffs on each other has hit global growth prospects and clouded the outlook for future oil demand.

Meanwhile a preliminary Reuters’ poll on Monday showing US crude oil stockpile were seen rising for the fourth straight week also squeezed prices.

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“Unless we get further concrete signs of global growth rally or an extension in production cuts by OPEC+ (the Organization of the Petroleum Exporting Countries and associated producers including Russia), WTI will struggle to attempt to recapture the $60-a-barrel mark,” said Edward Moya, senior market analyst at OANDA in New York.

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