10/10/2019
"Reuters"
Oil futures were mixed on Wednesday, boosted by a Turkish offensive inside Syria and hopes for progress in ending the US-China trade war, but an increase in US crude inventories put pressure on prices
Brent crude settled at $ 58.32 a barrel, up eight cents, while US West Texas Intermediate closed at $ 52.59 a barrel, down four cents.
Later, prices retreated from settlement levels after Chinese officials said Beijing had lowered its outlook for progress in trade talks this week. Negotiators from the world's two largest economies will meet in Washington on Thursday in the latest push for a deal.
Prices were also under pressure from a 2.9 million barrel rise in US crude inventories last week, the Energy Information Administration said, more than double the analysts' forecast for a 1.4 million barrel increase.
US crude oil production rose last week to a record 12.6 million BPD.
Jim Ritterbusch, president of Ritterbusch and Associates, said consulting oil trading, "fears that oil demand weakens further solidified today more than expected in US crude stocks increased demand .. refineries saw a seasonally adjusted decline greater than expected on a large scale."
