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11/6, 6:53 PM (Source: TeleTrader)
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Oil drops on US inventory jump, trade concerns

Oil traded with sharp losses on Wednesday on a significantly larger-than-expected jump in American crude inventories, as well as fresh trade concerns.

The United States Energy Information Administration (EIA) said in its weekly report that the country's oil stockpiles rose by 7.9 million barrels, while analysts expected a 1.5 million increase. On the trade front, media reported that China and the United States could delay the signing of the phase one trade agreement until December as the two sides are still negotiating the place and time of the meeting between presidents Donald Trump and Xi Jinping.

International benchmark Brent for settlements in January slid 1.78% to go for $61.79 per barrel 12:42 pm ET at and West Texas Intermediate (WTI) for December delivery lost 1.57% to sell for $56.30 per barrel at the same time.

Breaking the News / NP