Oil slips on doubts about U.S.-China deal, OPEC outlook - Reuters

Oil slips on doubts about U.S.-China deal, OPEC outlook - Reuters:

Oil prices slipped on Wednesday on concerns that the U.S./China Phase 1 trade deal may not provide much of a demand boost because the United States intends to keep tariffs on Chinese goods until a second phase deal.

Prices were also under pressure from an OPEC report saying the producer group expected lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record.

Brent crude LCOc1 was down 17 cents at $64.32 per barrel by 1436 GMT. U.S. West Texas Intermediate crude futures CLc1 were down 18 cents at $58.05 a barrel. 


U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a U.S.-China trade agreement even though both sides are expected to sign an interim deal later on Wednesday.