Oil drops more than 1 per cent on concern over US-China trade warAn oil pumpjack is seen in La Canada de Urdaneta, Venezuela October 1, 2019. U.S. crude was 63 cents, or 1.1 per cent, lower at $56.61 a barrel, having risen 1.9 per cent last week. SEE ALSO :US 'locked and loaded' after Saudi attacks as oil prices surgeInvestors are also concerned about excess supplies of crude, analysts said. The so-called OPEC+ alliance, seeking to boost oil prices, has since January cut output by 1.2 million barrels per day until March 2020. In the United States, energy companies last week reduced the number of oil rigs operating for a third week in a row.

Source: Standard Digital November 11, 2019 11:39 UTC