Prices of oil drop

Prices of oil drop

Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war.

According to Guardian, the Brent futures were down 11 cents, or 0.2%, at 64.14 dollars per barrel and West Texas Intermediate oil futures were 10 cents, or 0.2%, lower at 58.92 dollars a barrel.

"Despite the voluntary restraint from OPEC, world oil markets remain well supplied ... with non-OPEC output expected to rise by well over 2 million BPD next year, with big increases in the U.S., Brazil, and Norway", said Henning Gloystein, director of global energy and natural resources at Eurasia Group in a note.

US crude stocks clocked a surprise rise in the most recent week while gasoline and distillate inventories also rose, data from industry group the American Petroleum Institute shows. If the situation continues to deteriorate between the Americans and the Chinese, it's likely that the demand for crude oil will continue to deteriorate as well.

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"With the swathe of new tariffs due to kick in on 15 December, the market is watching negotiations closely", said ANZ.

Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

Still, U.S. production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices.

Elsewhere, Venezuela's crude output in November jumped more than 20 per cent from the prior month to the highest level since the United States tightened sanctions on state oil company PDVSA in August, two people with knowledge of PDVSA data said this week.

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