2019.03.2806:18:00UTC+00Oil Extends Losses On US Stock Build

Oil prices fell on Thursday to extend losses from the previous session after data showed a surprise build in U.S. crude stocks. The downside, however, remained capped by hopes for a U.S.-China trade deal.

Global benchmark Brent crude dipped 0.45 percent to $66.94 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 0.4 percent at $59.16 per barrel.

Official data released by the Energy Information Administration on Wednesday showed that crude inventories unexpectedly increased by 2.8 million barrels in the week to March 22, due to a 506,000-barrel drop in exports and a 400,000-barrel decline in refinery runs.

A day before, the American Petroleum Institute said that crude oil inventories rose by 1.93 million barrels in the week ended March 22.

Meanwhile, media reports suggest that the U.S. and China are likely to conclude ongoing trade negotiations, most likely in the next month or so.

Reuters said citing U.S. officials that there has been progress on all fronts under discussion, though no definite timetable to reach a final deal was laid out.