Oil prices dip on wilting hopes for U.S.-China trade deal - Reuters

Oil prices dip on wilting hopes for U.S.-China trade deal - Reuters:

Oil prices eased on Thursday on the expectations that the resumption of U.S.-China talks will not end the trade war between the world’s two largest oil consumers, exacerbating anxiety over the global economy and fuel demand.

China, the world’s biggest oil importer, has lowered expectations of a deal from the talks on Thursday and Friday to head off U.S. President Donald Trump’s proposed increase to the tariff rate on about $250 billion of Chinese goods to 30% from 25% on Oct. 15 if there are no signs of progress.

The dispute has disrupted global supply chains and slowed growth in the world’s two largest economies, curbing fuel consumption in both.

Global benchmark Brent crude futures LCOc1 fell 9 cents, or 0.2%, to $58.23 a barrel by 0654 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 were down 12 cents, or 0.2%, at $52.47.