Due to the sharp increase of US crude oil inventory and possible delay of Sino U

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      Oil prices fell about $1 on Wednesday after U.S. crude inventories rose more than expected, and Reuters reported that the U.S. and China may have to postpone a trade deal until December.
Brent crude fell $1.22, or 1.94%, to $61.74 a barrel. US crude oil futures fell $0.88, or 1.54%, to $56.35 a barrel.
A report by a senior Trump administration official told Reuters on Wednesday that a meeting of U.S. President Trump and Chinese President Xi Jinping to sign a long-awaited interim trade agreement could be postponed until December, because discussions on terms and points are continuing.
Earlier, the EIA data showed that crude oil inventories in the United States increased significantly by 7.9 million barrels in the week ended November 1, with analysts expecting an increase of 1.5 million barrels.
"The data reported by EIA is overall pessimistic," said Bob yawger, director of Mizuho futures.
"Exports are the main source of inventory growth. This is largely related to sanctions against COSCO, which is self inflicted, "said yawger, referring to the decline in available tankers caused by US sanctions against COSCO.
The EIA said gasoline inventories fell 2.8 million barrels last week, an estimated 1.8 million. Distillate inventories fell 622000 barrels last week, compared with an estimated 94900.


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