Brent Crude dropped by 3.2% and settled at $59.48 a barrel, losing some of the previous session's sharp gains after the government chose to delay tariffs on Chinese goods.
OIL prices slumped on Wednesday on weak economic data from China and Europe and a rise in United States (U.S.) crude inventories, nearly erasing the previous session's sharp gains after the U.S. said it would delay tariffs on some Chinese products.
US oil output from seven major shale formations was expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.
The US Treasury bond yield curve has inverted for the first time since 2007, which many economists interpret as the first sign of an upcoming recession.
The Chinese Ministry of Commerce said in a statement that trade officials from the U.S. and China had conversed in a phone call and have agreed to talk again in two weeks.
United States oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.
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The rebound in oil prices are a response from markets with hopes of a trade deal breakthrough between the United States and China.
Providing some support to US crude prices, inventories at Cushing, Oklahoma, the delivery point for WTI, fell by about 2 million barrels in the week to August 13, traders said, citing data from market intelligence firm Genscape.
There is also breaking news that China has to take counter-measures to latest US tariffs.
At the time of writing, Brent crude was trading at US$59.18 a barrel with West Texas Intermediate at US$54.92 a barrel, both down by more than 3 percent since yesterday's close. The inventories were about 3% above the five-year average at 440.5 million barrels, the EIA said in its weekly report.
Adding to the risk-off sentiment, China revealed weak data for July, along with a substantial drop in industrial output growth to a more than 17-year low, which fueled concerns of a broadening economic slowdown in the wake of a prolonged U.S.
OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million bpd of production since January 1.
China's commerce ministry said in a statement on Tuesday that US and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.