Business News of Wednesday, 15 January 2020Source: www.reuters.comOil drops on concerns that U.S.-China trade deal may not stoke demandOil prices slipped on Wednesday on concerns that the pending Phase 1 trade dealOil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world’s biggest oil users, may not boost demand as the U.S. intends to keep tariffs on Chinese goods until a second phase. Brent crude LCOc1 was down 16 cents, or 0.3%, at $64.33 per barrel by 0745 GMT. That agreement is expected to include provisions for China to buy up to $50 billion more in U.S. energy supplies. U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw. But keeping the deal until a June meeting “would be seen as much more constructive for the market,” they said.

Source: GhanaWeb January 15, 2020 07:52 UTC