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MTECHTIPS;-Oil dips after U.S. stock build, but demand hopes support

Wednesday, December 18, 2019 4:56

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MTECHTIPS;-Oil dips after U.S. stock build, but demand hopes support

MTECHTIPS-Oil retreated on Wednesday after rising more than 1% in the previous session as U.S. industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices. A “phase one” U.S.-China trade deal announced last week has helped ward off some pressure from the oil market, dampened by worries over the economic impact of a prolonged dispute between the world’s two biggest oil consumers. Brent crude futures Loco dropped 21 cents, or 0.32%, to $65.89 a barrel by 0110 GMT on Wednesday. The international benchmark rose 1.2% to $66.10 a barrel on Tuesday. West Texas Intermediate (WTI) crude futures Cl fell 31 cents, or 0.51%, to $60.63 per barrel. “The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly U.S. crude inventory report,” said Stephen Innes, market strategist at Trader. However, he added “it’s unlikely to be a game-changer.” “Investors have transcended the trade deal inspired relief rally euphoria and are now banking on a fundamental demand-driven shift that could quicken the pace of the oil market re balancing in the first quarter of 2020.” U.S. crude inventories climbed 4.7 million barrels in the week to Dec. 13 to 452 million, compared with analysts’ expectations for a draw of 1.3 million barrels, data from industry group the American Petroleum Institute showed. API/S Inventory data from the U.S. Energy Information Administration (EIA) is due later on Wednesday. EIA/S

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