Oil markets: US-China trade in focus


Oil refinery at Corio, Australia silhouetted at sunset.

Richard I’Anson | Lonely Planet Images | Getty Images

Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in U.S. crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses.

Brent crude futures were at $62.73 a barrel by 0120 GMT, down 23 cents, or 0.4%, from their previous settlement. Brent settled up 1.3% at $62.96 a barrel.

U.S. West Texas Intermediate (WTI) crude futures fell 21 cents, or 0.4%, from their last close to $57.05 per barrel. In the previous session, WTI settled 1.2% higher at $57.23 a barrel.

U.S. crude inventories rose by 4.3…


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