US Crude Oil WTI Futures lost 0.3% to $52.44 by 12:20 AM ET (04:20 GMT). International Brent Oil Futures were down 0.4% to $58.02.
US crude inventories rose by 4.1 million for the week ended Oct. 4, the API said. Gasoline supplies were down by 5.9 million.
Analysts expect that the Energy Information Administration to report a build of 1.4 million barrels when it releases its petroleum data on Wednesday. The EIA numbers are due at 10:30 AM ET.
Worrying signs of intensifying trade tensions between the US and China, the world’s biggest oil importers, also weighed on the market today.
The US put multiple Chinese technology firms on a blacklist earlier this week, while other reports suggested that Washington was moving ahead with efforts to limit capital flows into China.
While high-level officials from the two nations are expected to meet on Thursday, the South China Morning Post said the Chinese delegation could depart Washington a day earlier than scheduled, and that Beijing had toned down expectations of the talks.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.