The price of oil fell Wednesday, following the rise in crude inventories and increased trade tensions between China and the United States.
The future of the WTI crude oil declined 0.3% to $ 55,19$ at 10: 15 am. The future Brent international have also lost 0.3% to 60,74$.
Oil stocks in the United States have increased sharply in the last week, according to a private investigation of the American Petroleum Institute (API) and published in the course of the night.
The API stated that crude inventories had increased by about 6 million barrels for the week ended November 15.
The analysts expect that the inventory data weekly to the US Energy Information Administration, which should be announced later in the day, show a fall of 0.7 million barrels of crude inventories for the week ended November 15.
Oil prices were under pressure and were down 3% before the publication of the report, while the us president, Donald Trump had warned of increase more tariffs on chinese goods if Beijing did not sign a pact of phase one.
A Reuters report has also indicated that Russia would probably not accept further reduce the oil production at a meeting with exporters next month. However, he might agree to extend the existing restrictions to support Saudi Arabia, have indicated three sources.
“The oil feels heavy after that the Russians have announced that they would probably not agree on a reduction of oil production at the OPEC meeting+ in December,” said Edward Moya, an analyst at OANDA, in a note cited by Reuters.
“The IPY data also showed that u.s. inventories had registered an increase in tough enough last week. If this was confirmed by the report of the EIA, we could see oil prices continue to decline”, he said.