2019.12.1109:56:00UTC+00Oil Prices Ease After Stock Build

Oil prices fell slightly on Wednesday after industry data showed an unexpected build in crude inventory in the United States. Uncertainty ahead of Sunday's tariff deadline on Chinese imports also weighed on the commodity.

Benchmark Brent crude slid half a percent to $63.02 per barrel, while U.S. West Texas Intermediate crude futures were down 0.45 percent at $58.97 a barrel.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 1.4 million barrels for the week ended Dec. 6 to 447 million, while analysts were expecting a fall of 2.8 million barrels. The weekly EIA report is due later in the session.

investors were reacting to conflicting narratives on the trade front. The Wall Street Journal reported that Washington is laying the groundwork for a delay in the latest tariffs on China, due to take effect on Sunday.

However, White House economic adviser Larry Kudlow said the "tariffs are still on the table". Analysts say that a trade deal might have to wait until after the U.S. presidential election in November 2020.