Oil prices fell on Thursday in Asia following the American Petroleum Institute (API)'s report that showed that crude inventories rose sharply in the previous week.
US Crude Oil WTI Futures were down 0.8% to $52.92/bbl. International Brent Oil Futures were down 0.7% to $59.02/bbl.
The API data indicated that crude stockpiles rose by 10.5mn barrels to 432.5mn barrels for the week ended Oct 11. The Energy Information Aministration (EIA) weekly report is due later today.
Meanwhile, fresh tensions have emerged over the escalation in the US-China trade war as well as bleak economic data. However, US Treasury Secretary Steven Mnuchin said that China and the US are working on the phase one trade deal text for their presidents to sign in November 2019.
The IMF said this week that the US-China trade war would trim 2019 global growth to its slowest pace since the 2008-2009 financial crisis.
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