11/8/2019, 3:56 PM (Source: TeleTrader)
more TeleTrader news

Oil dips over 2% on fading trade optimism, stockpile build-up

Oil dropped further mid-session on Friday, heading straight toward the lows of the week, as investors tried to see the silver lining amid ongoing trade developments and the trend of rising stockpiles in the US.

Oil plunged further immediately following US President Donald Trump's remark that he is yet to agree to Beijing's request for the removal of tariffs imposed on Chinese goods.

Meanwhile, the negative sentiment was propped up by a rise in stockpiles of crude oil. On Friday, investors seem to still echo the EIA's report from earlier in the week after it revealed that the oil in inventories jumped by 7.9 million barrels last week. Energy agency's reports have been measuring a steady build-up of oil in stock since mid-September, with only one report in October breaking the streak.

Brent for January delivery slipped 2.60% at 10:14 am ET to $60.75 a barrel, while West Texas Intermediate futures for settlement in December lost 2.02% at the same time, going for $55.78 per barrel of crude.

Breaking the News / GG