Oil Tumbles As Trade War Hopes Fade

Oil erased earlier gains and traded lower on Thursday morning after weak Chinese industrial data and renewed pessimism about the U.S.-China trade talks added to a rise in U.S. oil inventories to weigh on prices. At 11:57 a.m. EDT on Thursday, WTI Crude was down 1.69 percent at US$54.13 and Brent Crude traded down 1.18 percent at US$59.53. On Wednesday, the price of oil came under pressure after the U.S. Energy Information Administration reported a crude oil inventory build of 5.7 million barrels for the week to October 25. Analysts had expected…