Oil had been one of a slate of targets China listed in June for tariffs to counter those the Trump administration threatened on Chinese imports. The gambit jeopardized a budding relationship: Over the past two years China has become the biggest buyer of U.S. crude-oil exports, last year taking a fifth of the total. But oil was off Wednesday’s final list. China’s Ministry of Commerce didn’t explain the omission and didn’t immediately respond to questions. Its statement accompanying the list called the U.S. measures “unreasonable” and said China had to counter them “to safeguard its legitimate rights and interests and the multilateral trading system.” The dollar-for-dollar retaliation against the U.S. tariffs is set to take effect Aug. 23. Click Read More below for additional information.
Oil slipped from a two-week high in New York as OPEC made another push to finalize an accord on cutting production, while rising crude inventories in the U.S. showed the global surplus remains.
Futures fell 1.5 percent after closing Tuesday at the highest since Nov. 1. Saudi Energy Minister Khalid Al-Falih will join fellow members of the Organization of Petroleum Exporting Countries in Doha this week for informal consultations with Russia. U.S. stockpiles added 3.65 million barrels last week, the industry-funded American Petroleum Institute was said to report. A Bloomberg survey showed a 1 million-barrel increase before government data Wednesday.
West Texas Intermediate for December delivery was at $45.11 a barrel on the New York Mercantile Exchange, down 70 cents, at 12:08 p.m. London time. The contract gained $2.49 to $45.81 on Tuesday, the biggest advance since April 8.
Brent for January settlement was down 63 cents at $46.32 a barrel on the London-based ICE Futures Europe exchange, trading at a 57-cent premium to WTI for the same month. The global benchmark crude climbed $2.52 to $46.95 on Tuesday.
more at: http://www.bloomberg.com/news/articles/2016-11-15/oil-holds-above-45-as-opec-boosts-efforts-to-secure-output-deal