Crude oil losses escalated as the escalating trade dispute between the world's largest economies overshadowed a decline in US crude oil inventories.
In New York futures fell by as much as 2.3 percent on Wednesday. Within weeks, China will impose 25 percent duties on billions of dollars in US gasoline, diesel and other goods. Meanwhile, US crude oil inventories fell only a fraction of what was forecast, while gasoline surplus expanded for the first time since June, the Energy Information Administration reported.
West Texas Intermediate crude for September delivery slid $ 1
Brent for the October settlement fell 1.36 USD to 73.29 USD on the London Stock Exchange ICE Futures Europe. The global benchmark crude was trading at $ 6.22 on WTI in the same month.
U.S. Crude oil inventories fell 1.35 million barrels last week, according to EIA data, well below the 3 million decline forecast by Bloomberg analysts.