Oil fell for a third day amid fading momentum in trade talks between the U.S. and China, and signs of another increase in American crude stockpiles.

Futures dropped as much as 1% in New York. President Donald Trump’s speech in New York on Tuesday disappointed investors, giving little insight on how the impasse with Beijing will be resolved, and warning of higher tariffs if a deal can’t be reached. Concerns over long-term oil demand also grew as the International Energy Agency predicted that consumption will plateau around 2030.

While crude prices have picked up over the past month, they’re still down about 15% from the peak reached in April as the ongoing trade dispute between the U.S. and China saps an already-fragile global economy, crimping fuel consumption. OPEC, which cut production this year to try and prop up the market, has signaled it’s unlikely to take stronger action to prevent a renewed glut in 2020.

“The market was none the wiser following President Trump’s speech,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA. “Concerns over U.S.-trade relations, as well as speculation around what OPEC might decide to do about supply cuts come early December, continued to linger.”

West Texas Intermediate for December delivery fell 51 cents, or 0.9%, to $56.29 a barrel on the New York Mercantile Exchange as of 10:24 a.m. in London.

Brent for January delivery dropped 74 cents, or 1.2%, to $61.32 a barrel on the London-based ICE Futures Europe Exchange. The global crude benchmark traded at a $4.99 premium to WTI for the same month.

American crude inventories are forecast to have risen by 1.5 million barrels last week, according to a Bloomberg survey, adding to concerns over a looming supply glut. The official data from the Energy Information Administration is due on Thursday in Washington.

If the U.S. inventories forecast is correct, it would be the eighth increase in nine weeks. Stockpiles were at 446.8 million barrels as of Nov. 1, the highest since mid-July.