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Oil broadly stable as inventory data counters trade deal hopes

The Address | Benghazi – Libya

LONDON – Oil prices were broadly steady on Wednesday as data suggesting a smaller-than-expected fall in U.S. crude inventories countered support from hopes for a U.S.-China trade deal.

Brent crude futures were down 18 cents at $61.96 a barrel by 0839 GMT.

U.S. West Texas Intermediate crude fell 5 cents to $53.85 a barrel. On Tuesday, it had recorded its biggest daily rise since early January.

After weeks of swelling, U.S. crude stocks fell by 812,000 barrels last week to 482 million, industry group the American Petroleum Institute said on Tuesday, a smaller fall than the 1.1 million barrel drop analysts had expected.

Reuters

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