10/01/2019 18:00
Oil drops 1 percent on U.S.-China trade talks, American supply surge
Oil prices fell more than 1 percent on Thursday due to the lack of any clear resolution to U.S.-China trade talks and official data that again indicated vast fuel stocks in the United States.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $51.66 per barrel at 0950 GMT, down 70 cents, or 1.3 percent, from their last settlement.
International Brent crude futures LCOc1 were also down 1.3 percent, or 79 cents, at $60.65 per barrel.
Both benchmarks rose by around 5 percent the previous day, capping off a week-long climb that marked oil’s longest sustained rise since last summer.