Petroleum prices spent a second straight day in negative country, on worries that fuel demand could fall after U.S. President Donald Trump doused recent optimism over China-U.S. trade talks, at a time of rising U.S. crude oil stockpiles.
Brent crude futures were down $1.72 to $61.38 U.S. a barrel on Wednesday, erasing all gains made after an attack on Saudi oil facilities sent the benchmark up around 20% last week.
U.S. West Texas Intermediate crude dropped to $55.71 U.S. a barrel, down $1.58.
Information released Wednesday by the Energy Information Administration revealed U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week.
Trump criticized China’s trade practices at the United Nations General Assembly on Tuesday and said he would not accept a "bad deal" in U.S.-China trade negotiations.
China is the world’s largest oil importer and second-largest crude user. The United States is the largest consumer of oil.
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