Oil slips as trade worries offset Cushing drawdown - Reuters

Oil slips as trade worries offset Cushing drawdown - Reuters:

Oil prices edged lower on Monday as little progress on U.S.-China trade negotiations kept prices pressured, but bullish inventory data in the United States offered some support.

Brent crude LCOc1 futures lost 33 cents to settle at $62.18 a barrel, after falling to $61.57 earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 fell 38 cents to settle at $56.86 a barrel.


Investors are worried about fallout from the 16-month U.S.-China trade war, which has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.