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Oil Futures End Slightly Lower Amid Higher Crude Stockpiles

Crude oil futures settled slightly lower on Wednesday following the release of a report showing an increase in U.S. crude inventories in the week ended October 4.

Traders were also weighing a possible disruption in oil production in Syria following Turkey's military operation against Kurdish fighters in the northeastern part of the country.

West Texas Intermediate Crude oil futures for November edged down $0.04 to $52.59 a barrel after having advanced to a high of $53.74 a barrel.

According to the data released by the Energy Information Administration, or EIA, crude oil inventories increased by 2.9 million barrels in the week ended October 4.

Gasoline inventories were down 1.2 million barrels last week, while distillate fuel stockpiles declined 3.9 million barrels.

On Tuesday, the American Petroleum Institute, or API, reported a crude oil inventory build of 4.13 million barrels last week.

In trade news, China is reportedly open to reaching a partial trade deal with the U.S. despite the imposition of visa restrictions and blacklisting of Chinese artificial intelligence companies by the U.S.

An official with direct knowledge of the talks told Bloomberg that negotiators aren't optimistic about securing a broad agreement to end the U.S.-China war but said China would accept a limited deal as long as President Donald Trump does not impose any more tariffs.

In return, the official told Bloomberg, Beijing would offer non-core concessions like purchases of agricultural products without giving in on major sticking points.

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