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Oil stayed level in view of trade dispute softening and lower U.S. inventories

Prices of oil stayed rather level today in view of softening in trade dispute between the U.S. and China, as well as an unexpected draw in U.S. inventories of the previous week.

Brent price was $68 per barrel, 2 cents down from the last settlement.

U.S. WTI slightly dropped to $63.26 for a barrel, 11 cents loss.

Global equities gained following the statement by the U.S. saying it is ready to negotiate a trade deal after projected U.S. tariffs on China’s products worth $50 bln caused a swift reaction from the Asian country claiming it would do the same for goods from the United States.

It’s likely that there’ll be a wait-and-see period in markets as the countries need time to negotiate before the tariffs take effect, said Harry Tchilinguirian of BNP Paribas at the Global Oil Forum.

Both benchmarks fell to the lowest in two-weeks yesterday following China’s reaction to proposed new tariffs of the U.S., however, prices bounced back on the data of U.S. crude inventories drop, with 4.6 mln barrels decrease in the previous week, as experts had forecasted growth by 246,000 barrels, the figures by Energy Information Administration show.

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