Oil prices fall as U.S.-China trade war outweighs inventory drop - Reuters

Oil prices fall as U.S.-China trade war outweighs inventory drop - Reuters:

Oil prices fell on Thursday as an escalating trade battle between the United States and China outweighed upward pressure from a surprise decline in U.S. inventories of crude.

Brent crude oil futures were at $69.72 a barrel by 0814 GMT, down 65 cents from their previous settlement and heading for their second consecutive weekly loss. U.S. West Texas Intermediate (WTI) crude futures were at $61.43 per barrel, down 69 cents and set for a third week of losses. “Concerns over the ongoing trade dispute between the United States and China weighed on markets,” RBC’s Al Stanton said in a note.

Heightened tensions between the world’s two biggest economies cloud the outlook for global growth and thus oil demand. U.S. President Donald Trump said on Wednesday that China “broke the deal” in trade talks with Washington and would face stiff tariffs if no agreement is reached.