Oil trades lower after build in US inventories

Friday, 29. May 2020 08:56

Crude prices moved lower on Friday after the US Energy Information Administration's bearish report that revealed an increase of 7.9 million barrels in oil inventories for the week ending May 22.

At the same time, growing tensions with China over the coronavirus pandemic and Hong Kong weighed on markets. US President Donald Trump was set to unveil his administration's response to Beijing later in the day.

July Brent crude lost 1.22% to $34.86 per barrel at 2:40 am ET. At the same time, West Texas Intermediate crude for July delivery fell 1.81% to $33.10 a barrel.

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Author:
Breaking the News / JC