Oil loses ground
US oil prices fell for a second day yesterday, weighed down by uncertainty over whether US-China trade talks are making much progress, while higher Saudi Arabian crude output reinforced concerns about oversupply.
US West Texas Intermediate (WTI) crude was down 18c, or 0,3 percent, at US$56,68 a barrel. The contract dropped 0, 7 percent in the previous session.
Brent crude futures were down 14c, or 0,2 percent, at US$62,04 a barrel by 2:56am GMT, after falling 0,5 percent on Monday.
Worries about the effect on oil demand from the fallout of the 16-month US-China trade war, which has weighed on global economic growth, have returned after doubts were cast on the chances of a phase one agreement.
US President Donald Trump said on Saturday that talks with China were moving along “very nicely” but the US would only make a deal if it was the right one for Washington. — Reuters.
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