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Oil Prices Extend Losses on Supply, Trade War Fears

Oil Prices Extend Losses on Supply, Trade War FearsOil Prices Extend Losses on Supply, Trade War Fears

Oil prices slipped for a third day on Wednesday as a surge in US stocks reinforced concerns about lackluster global economic growth, while hopes ebbed for any movement on the US-China trade war.
West Texas Intermediate crude futures erased early gains to trade down 17 cents, or 0.31%, at $55.04 a barrel. Brent crude futures were at $60.70 a barrel, down 21 cents, or 0.34%, CNBC reported.
Crude inventories in the United States rose by 6 million barrels last week to 445.9 million.
Concerns also remain over a potential oversupply of oil worldwide after Reuters reported that Russia, the world’s second-biggest producer, was unlikely to back deepening output cuts when the Organization of the Petroleum Exporting Countries meets on December 5-6 in Vienna. 
Russia and other oil producers have agreed with OPEC to cut 1.2 million barrels per day of output through March to bolster prices. 
US crude demand has slowed during a protracted trade war with China. Hopes for an end to the dispute in the signing of a so-called Phase One agreement have dimmed amid disagreements over the removal of tariffs.

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