Oil falls from 12-week high as US stockpile grows

SINGAPORE: Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to concerns over weakening demand.

Futures in New York dropped as much as 0.6% after climbing 0.4% on Tuesday. The American Petroleum Institute reported US stockpiles grew by 1.41 million barrels, according to people familiar with the data.

Chinese officials expected the US to delay a tariff increase scheduled for Sunday, giving more time to negotiate an interim trade deal, people with familiar with the discussions said.