Investing.com - Oil prices gained on Friday in Asia, rebounding from a U.S. inventory build and fresh uncertainty on Sino-U.S. trade developments that sent oil markets down more than 1% in the previously session.
U.S. Crude Oil WTI Futures rose 0.4% to $54.39 by 12:21 AM ET (04:21 GMT). International Brent Oil Futures inched up 0.1%.
Oil prices were down more than 1% overnight, extending Wednesday’s 1.6% drop after the EIA reported on Wednesday that U.S. crude stockpiles rose by 5.7 million barrels for the week ended Oct. 25. The market was looking for a rise of about 494,000 barrels, according to forecasts compiled by Investing.com.
Also weighing on oil markets was a Bloomberg report that said Chinese officials were casting doubts about reaching a comprehensive long-term trade deal with the U.S.
“They remain concerned about President Donald Trump’s impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks,” the report said.
Trump said in a tweet overnight that Beijing and Washington are searching for a new venue for the signing of a phase one trade deal.
“China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal, after APEC in Chile was cancelled due to unrelated circumstances. The new location will be announced soon. President Xi and President Trump will do signing!” the president tweeted.