Oil prices fall as hopes for US-China trade progress wilt 0 SHARES Share it! China, the world’s biggest oil importer, has lowered their expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. Global benchmark Brent crude futures LCOc1 fell 11 cents, or 0.2%, to $58.21 a barrel by 0354 GMT, while US West Texas Intermediate (WTI) futures CLc1 were down 11 cents, or 0.2%, at $52.48 per barrel. “Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore. Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world’s biggest oil producer.

Source: Manila Bulletin October 10, 2019 03:56 UTC