Oil prices traded lower on Thursday as tensions between the United States and China rose after US President Donald Trump signed into law the bill supporting Hong Kong protesters. In response to the move, Beijing is reportedly considering banning those who drafted the Hong Kong bill from entering mainland China, as well as Hong Kong and Macao.
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Meanwhile, the reported jump in US oil inventories also contributed to the fall in crude prices. On Wednesday the US Energy Information Administration (EIA) said the country’s crude stockpiles jumped by 1.6 million barrels to 452 million barrels last week despite analysts expecting a decline.
Brent for settlements in January slid 0.66% to sell for $63.66 per barrel at 9:19 am ET and West Texas Intermediate (WTI) lost 0.36% to go for $57.94 per barrel at the same time.