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Oil Prices Drop on U.S. Stockpiles Increase

Oil prices went down on Thursday after adding more than 2 percent during the prior session after report, that showed the U.S. reserves grew amid new discussions about Hong Kong, which raised worries about further delays in the conclusion of the U.S.-Chinese trade agreement.

oil prices slipPhoto: Reuters

January Brent futures went down by 0.19 percent, at  $62.29 per barrel, while U.S. WTI light oil benchmark eased by 0.16 percent, to $56,91 per barrel at 8.25 GMT. 

Recall, U.S. President Donald Trump  again threatened to raise tariffs on Chinese goods in the absence of a deal with Beijing on Tuesday.

Meanwhile, the U.S. House of Representatives on Wednesday approved two bills designed to support protesters in Hong Kong and warn China of the need to respect human rights. This step caused a discontent in Beijing.

U.S. oil inventories grew by 1.4 million barrels over the week, according to the Energy Information Administration (EIA) report, released on Wednesday, while analysts were expecting a 1.5 million barrels rise.