Oil prices fall on signs of large United States stock build
Oil pump jacks
Oilpriceseased on Thursday after industry data showed alarger-than-expectedbuild-up instocks in the United States, although losses were limited by comments byUSTreasury Secretary Steven Mnuchin on aUS-China trade deal.
Global benchmark Brent crudeoilfutures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.
UScrudeoilfutures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per centto a session low of $52.76 earlier.
UScrude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October11, according to the American Petroleum Institute's weekly report, published ahead of official governmentstocks data due on Thursday.
Analysts had estimatedUScrude inventories rose around 2.8 million barrels last week.
"An enormousUSinventorybuildhits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.
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If confirmed by the government data, thebuild-up would be the biggestUSinventory swell since February, 2017, Innes said.
It comes amid concerns about the global economy - and thereforeoildemand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.
Still, hopes of a potentialUS-China trade deal helped offsetoilpriceslosses after Mnuchin saidUSand Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.
"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from theUS(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.
But short-term pressure onoilpriceswill likely remain untilUSgovernment data onoilinventory is out later on Thursday, he added.