2019-09-25 15:15:00
OIL PRICE: NEAR $61
REUTERS - Oil prices fell for a second day on Wednesday 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 LCOc1 were down $1.05 cents at $62.05 a barrel by 1127 GMT, erasing all gains made after an attack on Saudi oil facilities sent the benchmark up around 20% last week.
Nevertheless, the benchmark remains on track for its first monthly gain since June.
U.S. West Texas Intermediate crude CLc1 dropped to $56.47 a barrel, down 82 cents.
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.
Trump also said he saw a path to peace with Iran, cooling other risk premiums built into oil prices.
Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco's operations told Reuters, maintaining a faster than expected recovery after the attacks.
To meet its supply obligations to Saudi refineries overseas, Saudi Aramco is buying oil from other Middle East producers.
Prices were also weighed down by an unexpected build in U.S. crude inventories last week.
U.S. crude inventories rose 1.4 million barrels last week, the American Petroleum Institute said on Tuesday, compared with analysts' forecasts of a 200,000-barrel drawdown.
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Earlier:
2019, September, 24, 18:15:00
OIL PRICE: ABOVE $62
Brent dropped 58 cents to $64.19 a barrel, WTI were at $58.15, down 49 cents.
2019, September, 23, 14:30:00
OIL PRICE: NEAR $63
Brent crude fell 30 cents to $63.98 a barrel, WTI was down 38 cents to $57.71.
2019, September, 20, 15:45:00
OIL PRICE: NEAR $64
Brent crude LCOc1 was up 7.7% since last Friday’s close, the biggest weekly rise since January. The front-month November contract was at $64.88 a barrel, up 48 cents, by 1113 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 59 cents to $58.72 a barrel, set to post a gain of over 7% for the week.
2019, September, 19, 14:35:00
OIL PRICE: ABOVE $64
Brent gained $1.44 to $65.04 a barrel, WTI was up 89 cents at $59 a barrel.
2019, September, 18, 18:35:00
OIL PRICE: ABOVE $63
Brent were down 75 cents, or 1.16%, at $63.80 a barrel, WTI were down $1.15, or 1.94%, at $58.19.
2019, September, 17, 13:10:00
OIL PRICE: ABOVE $67
Brent was down 36 cents, or 0.5%, at $68.66 a barrel, and WTI was down 57 cents, or 0.9%, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.
2019, September, 16, 15:20:00
OIL PRICE: NEAR $66
Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel, WTI futures climbed as much as 15.5% to $63.34
