Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in US crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses.
Brent crude futures LCOc1 were at USD 62.73 a barrel by 0120 GMT, down 23 cents, or 0.4 per cent, from their previous settlement. Brent settled up 1.3 per cent at USD 62.96 a barrel.
US West Texas Intermediate (WTI) crude CLc1 futures fell 21 cents, or 0.4 per cent, from their last close to USD 57.05 per barrel. In the previous session, WTI settled 1.2 per cent higher at USD 57.23 a barrel.
US crude inventories rose by 4.3 million barrels in the week ended Nov 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts’ forecast for an increase of 1.5 million barrels.