Oil trades eases as industry data shows U.S. stockpile jump

According to industry reports, oil traded near US $ 53 / barrel after a sharp rise in US inventories added to the concern that supply continues to grow while demand continues to rise.

New York's futures, which lost 1.1 percent after the European Union and Britain agreed to Brexit, fell 0.2 percent. According to those familiar with the data, the American Petroleum Institute reported an increase of 10.5 million barrels of crude oil stock last week. If confirmed by Thursday's official Energy Intelligence figures, it will be the biggest increase since February 2017.

The International Energy Agency is facing a "serious challenge" to defend oil prices next year, as fuel demand growth may slow further as new supplies from the US, Brazil and the North Sea surge on Wednesday. Progress on limited US-China trade is positive but will not have a major impact on global economic growth unless existing tariffs are withdrawn.

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Carsten Fritsch, an analyst with Frankfurt's Commerzbank AG, said, “After last evening's trading, the oil price is facing a headwind as US crude oil inventory increased unexpectedly 1.5 million barrels last week, according to the API.

West Texas Intermediate for November delivery fell 10 cents (0.2{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}) to $ 53.26 per barrel on the New York Traders Exchange as of 10:43 AM in London. The contract increased for the first time in three days to 55 cents on Wednesday.

Brent oil for a compromise in December was little changed at $ 59.42 on the London-based ICE futures European exchange. Global benchmark crude oil traded at WTI a premium of $ 5.97 for the same month.

If EIA data indicates an increase in US stockpiles, this would be the fifth weekly earnings per share, the longest after two weeks. The median estimate from a Bloomberg study suggests that US inventories have probably increased 3 million barrels last week.

-Helped by James Thornhill and Dan Murtaugh.

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