<p class="title">Oil retreated on Wednesday after rising more than 1% in the previous session as U.S. industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices.</p>.<p class="bodytext">A "phase one" US-China trade deal announced last week has helped ward off some pressure from the oil market, dampened by worries over the economic impact of a prolonged dispute between the world's two biggest oil consumers.</p>.<p class="bodytext">Brent crude futures dropped 21 cents, or 0.32%, to $65.89 a barrel by 0110 GMT on Wednesday. The international benchmark rose 1.2% to $66.10 a barrel on Tuesday.</p>.<p class="bodytext">West Texas Intermediate (WTI) crude futures fell 31 cents, or 0.51%, to $60.63 per barrel.</p>.<p class="bodytext">"The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly U.S. crude inventory report," said Stephen Innes, market strategist at AxiTrader. However, he added "it's unlikely to be a game-changer."</p>.<p class="bodytext">"Investors have transcended the trade deal inspired relief rally euphoria and are now banking on a fundamental demand-driven shift that could quicken the pace of the oil market rebalancing in the first quarter of 2020."</p>.<p class="bodytext">U.S. crude inventories climbed 4.7 million barrels in the week to Dec. 13 to 452 million, compared with analysts' expectations for a draw of 1.3 million barrels, data from industry group the American Petroleum Institute showed.</p>.<p class="bodytext">Inventory data from the U.S. Energy Information Administration (EIA) is due later on Wednesday.</p>.<p class="bodytext">Meanwhile, deeper production cuts coming from the Organization of the Petroleum Exporting Countries and allies such as Russia - a group known as OPEC+ - continued to support market sentiment and prevented a bigger slide in prices on Wednesday.</p>.<p class="bodytext">The OPEC+, which has cut production by 1.2 million barrels per day (bpd) since Jan. 1 this year, will make a further oil supply cut of 500,000 bpd from Jan. 1, 2020 to support the market. </p>
<p class="title">Oil retreated on Wednesday after rising more than 1% in the previous session as U.S. industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices.</p>.<p class="bodytext">A "phase one" US-China trade deal announced last week has helped ward off some pressure from the oil market, dampened by worries over the economic impact of a prolonged dispute between the world's two biggest oil consumers.</p>.<p class="bodytext">Brent crude futures dropped 21 cents, or 0.32%, to $65.89 a barrel by 0110 GMT on Wednesday. The international benchmark rose 1.2% to $66.10 a barrel on Tuesday.</p>.<p class="bodytext">West Texas Intermediate (WTI) crude futures fell 31 cents, or 0.51%, to $60.63 per barrel.</p>.<p class="bodytext">"The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly U.S. crude inventory report," said Stephen Innes, market strategist at AxiTrader. However, he added "it's unlikely to be a game-changer."</p>.<p class="bodytext">"Investors have transcended the trade deal inspired relief rally euphoria and are now banking on a fundamental demand-driven shift that could quicken the pace of the oil market rebalancing in the first quarter of 2020."</p>.<p class="bodytext">U.S. crude inventories climbed 4.7 million barrels in the week to Dec. 13 to 452 million, compared with analysts' expectations for a draw of 1.3 million barrels, data from industry group the American Petroleum Institute showed.</p>.<p class="bodytext">Inventory data from the U.S. Energy Information Administration (EIA) is due later on Wednesday.</p>.<p class="bodytext">Meanwhile, deeper production cuts coming from the Organization of the Petroleum Exporting Countries and allies such as Russia - a group known as OPEC+ - continued to support market sentiment and prevented a bigger slide in prices on Wednesday.</p>.<p class="bodytext">The OPEC+, which has cut production by 1.2 million barrels per day (bpd) since Jan. 1 this year, will make a further oil supply cut of 500,000 bpd from Jan. 1, 2020 to support the market. </p>