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, Trend reports citing Reuters.
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 LCOc1 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 CLc1 fell 31 cents, or 0.51%, to $60.63 per barrel.