Crude Oil Prices Fell

Oil prices are on a retreat this morning, during the Asian trading hours amid higher crude inventories outweighed reports that the U.S. has postponed at least for now tariffs on some Chinese imports. 

The American Petroleum Institute reported that U.S. crude stocks unexpectedly advanced by 3.7 million barrels to 443 million last week. Meanwhile, analysis predicted a loss of 2.8 million barrels.

Now, oil trades at $56.48, which is a drop of 0.21 or 0.38% from the previous close of 56.69.

The trading volume is 74.263K, while the daily range is from 56.28 to 56.82.U.S. President Donald Trump stated that earlier this month that he would impose a 10% tariff on $300 billion of Chinese goods by Sept. 1.

Yesterday's decision came after China's commerce ministry said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and decided to touch base again by the end of the month.