Oil falls as U.S.-China trade deal prospects dim - Reuters

Oil falls as U.S.-China trade deal prospects dim - Reuters:

Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand.

U.S. President Donald Trump said on Tuesday the two countries were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors.

Brent crude futures LCOc1 fell 75 cents, or 1.25%, to $61.31 a barrel by 1030 GMT, while U.S. West Texas Intermediate crude CLc1 was at $56.30, down 50 cents or 0.9%.

“The expectations of an inventory build in the U.S. and uncertainty over the OPEC+ strategy on output cuts and U.S./China trade deal are weighing on oil prices,” said analysts at ING including the head of commodity strategy Warren Patterson.