Oil slips to $62 as trade talks drag on - Reuters

Oil slips to $62 as trade talks drag on - Reuters:

Oil fell for a second day on Tuesday, dropping to $62 a barrel on the limited progress in efforts to resolve the U.S.-China trade dispute, higher than expected Norwegian oil output and forecasts of rising U.S. crude inventories.

A Chinese government source was quoted by CNBC on Monday as saying there was gloom in Beijing about prospects for a trade deal. The long-running dispute has hit economic growth prospects and clouded the outlook on oil demand.

Brent crude LCOc1, the global benchmark, was down 47 cents at $61.97 a barrel at 1131 GMT. It had reached $63.65 — the highest since Sept. 24 — on Thursday. U.S. West Texas Intermediate (WTI) crude CLc1 dropped 50 cents to $56.55.

“The less than promising reports coming from China on the trade war may have taken some of the energy out of the rally,” said Craig Erlam, analyst at brokerage OANDA.