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Oil Prices Manage to Keep Afloat, Despite Disappointing Data

Oil prices eased in early Wednesday’s trading after the data showed unexpected increase in U.S. stockpiles, but the market hopes of signing the “first phase” trade agreement between Washington and Beijing are holding back a more deep fall in prices.

oil prices recoverPhoto: Pixabay

But crude prices try to reverse movement at 9.40 GMT, with Brent benchmark index advanced by 0.16 percent, to $63.30 per barrel and U.S. WTI futures with delivery in January added 0.02 percent, to $58,43 per barrel.

American Petroleum Institute (API) report showed on Wednesday, that despite the preliminary data of reserves drop by 418,000, U.S. oil inventories  increased their amount by 3.6 million barrels to touch 449.6 million for the week, which ended on November 22.

Recall, U.S. President told on Tuesday that negotiators from both sides are close to concluding a “first phase” deal, after senior officials’ telephone calls and their agreement to maintain contacts to resolve the remaining issues.