Oil fell on Wednesday after data showed a surprise rise in U.S. crude inventorie...
LONDON - Oil fell on Wednesday after data showed a surprise rise in U.S. crude inventories and the U.S.-Chinese trade dispute threatened oil demand, although Middle East tensions capped losses.
Brent crude futures were at $70.84 a barrel at 0903 GMT, down 40 cents. U.S. West Texas Intermediate crude futures were at $61.22 per barrel, down 56 cents. U.S. President Donald Trump on Tuesday called the trade war with China “a little squabble” and insisted talks between the world’s two largest economies had not collapsed.
“Given that nearly one-third of global oil production and nearly all of global spare capacity are in the Middle East, the oil market is very sensitive to any attacks on oil infrastructure in this region,” Swiss bank UBS said, adding it expected Brent prices to rise toward $75 in coming weeks.
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