Oil slides amid rising US crude inventories, Sino-US tariff war

By siyi liu

On Wednesday, Singapore (Reuters) fell as growing reserves in the United States and the market is worried about the new SINO-US commercial warpring the transformation of President Donald Trump.

Brent Crude Futures decreased by 21 cents, or 0.28% for $ 75.99, according to 0701 GMT. US West Texas Intermediate Crude (WTI) lost 11 cents or 0.15% to $ 72.59.

On Tuesday, the oil was sold in a wide range, and WTI falls by 3%, the lowest after December 31, China announced the import of restrictions on oil and liquefied natural gas imports.

Prices have been reborn, but Trump has restored the “maximum pressure” campaign on Iran in its first term of its nuclear program, which reduces Iranian raw material exports to zero.

Lowering the market on Wednesday is higher than the expected US raw inventory data overnight, says IG market strategic.

After all, on January 31, the raw shares rose by 5.03 million barrels, market sources reported, citing the figures of the American Oil Institute.

Gasoline inventories increased by 5.43 million barrels, and distilled reserves decreased by 6.98 million barrels, API reports.

The official oil inventory of the US government will be released on Wednesday, 1530 GMT.

Raw and fuel reserves in the world’s largest oil consumers, increasing the investor on the impact of global economic and energy on the impact of property on property on property.

The impact of China’s response to US energy imports will be limited.

Both countries will be able to find alternative markets, the statement said.

As for Iran, Trump restored his “maximum pressure” campaign on Tuesday, which includes efforts to drive his oil to zero to stop nuclear weapons.

Although Trump said he was open to the transaction with Iran, he signed a memorandum of president, again Washington’s difficult policy towards Iran. On Wednesday, the plan can affect about 1.5 million barrels of barrels on Wednesday, analysts said the ship’s tracking data on Wednesday.

“The clutch on Iran can be what needs to be stabilized for oil prices, and can be a place to further recover,” Ig said.

(Gives in Singapore in Singapore and Layla in New York. Christian Schmoling, Kim Garbage and Saadium)