(Bloomberg) — Oil edged lower after an industry report highlighted the first increase in U.S. crude inventories since mid-November, as the market awaited new promises from President Donald Trump on global trade .
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Brent (BZ=F) fell below $79 a barrel, extending a series of losses that began last Thursday, while West Texas Intermediate (CL=F) was near $75. Inventories rose by a million barrels last week and fuel stocks jumped, the American Petroleum Institute reported, according to a document seen by Bloomberg.
U.S. crude inventories are typically reduced toward the end of the calendar year for tax reasons. Government figures are expected later on Thursday.
Oil is up again this year after a strong start, following falling temperatures in the Northern Hemisphere that increased demand for heating and U.S. sanctions against the Russian oil industry that roiled markets. India has expanded its support for Russian insurers as it strives to maintain the flow of discounted barrels.
The market continues to prepare for actions by the new Trump administration, after tariff threats against China, Canada and Mexico, and warnings of additional sanctions against Moscow if President Vladimir Putin does not commit to ending the nearly three-year war in Ukraine.
“So far, tariff threats are just threats. They are bargaining chips,” said Vandana Hari, founder of Vanda Insights in Singapore. “There may be cautious optimism that Trump can achieve rapprochement with Putin, but the market will need more tangible assurances” before taking this into account, she said.
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