Mubasher: Oil prices fell on Wednesday as President Donald Trump’s speech offered scant details on the long-awaited trade deal between the US and China, dragging on the outlook for global economic growth and fuel demand, according to Reuters.

By 7:29 am GMT, US Nymex crude futures fell by 0.44% to $56.55 per barrel (pb), while international benchmark Brent futures dropped by 0.50% to $61.75 pb.

US President Donald Trump said on late Wednesday that both sides were approaching a conclusion of a trade deal, yet he failed to provide a date or venue for the signing of the long-coveted trade agreement.

This came coupled with the International Energy Agency’s (IEA) annual World Energy Outlook for the period to 2040, in which the Paris-based energy watchdog projected global oil demand to rise at 1 million barrels per day (bpd) on average to 2025.

However, the IEA also expected demand growth to lose pace to 100,000 bpd a year from then on as fuel efficiency gains traction and more electric vehicles hit the roads.

On the supply side of the equation, crude oil stockpiles in the US were expected to have climbed last week for the third week running, as per said by Reuters-polled analysts.

US crude inventories rose by nearly 1.6 million barrels in the week ended 8 November.

The American Petroleum Institute (API) is set to release its inventory figures for the latest week later in the day, while the US Energy Information Administration’s (EIA) weekly report will be released on Thursday.

Traders are now awaiting next month’s meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, for reviewing their production policy.