Oil Prices Down as Rising Crude Inventories Outweigh Positive News on Trade

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Investing.com – were down on Wednesday in as rising crude inventories outweighed reports that the U.S. delayed tariffs on certain Chinese goods.

U.S. were down 1.3% to $56.38 by 12:10 AM ET (04:10 GMT). International lost 1.1% to $60.64.

Weekly data from the American Institute showed U.S. crude stocks unexpectedly rose by 3.7 million barrels to 443 million last week, compared with analyst expectations for a decrease of 2.8 million barrels.

The data sent prices down, even after the U.S. Trade Representative delayed imposing a 10% import tariff on laptops, cell phones, video game consoles and some other products made in that had been scheduled to start next month. The news eased trade tension between the two sides and provided support to the stock markets today.

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Tuesday’s decision came after China’s commerce ministry said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

U.S. President Donald Trump said earlier this month that he would impose a 10% tariff on $300 billion of Chinese goods by Sept. 1 as China did not buy more American agricultural products as promised.

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Source: Investing.com