Oil dips on concerns of delay in US-China trade deal until next year


Oil dips on concerns of delay in US-China trade deal until next year

Oil prices retreated on Thursday after gaining more than 2 per cent in the previous session on bullish US crude inventory data, as a fresh spat over Hong Kong fuelled concerns of a further delay in any US-China trade deal.

The trade war between the world’s two biggest economies has hit global growth prospects and dominated the outlook for future oil demand.

Trade experts have warned the first phase of a trade deal could slide into next year, while markets are wary negotiations might take a hit as the US House of Representatives passed two bills to back protesters in Hong Kong, much to the disapproval of China.

Brent crude futures fell 20 cents, or 0.32 per cent, to $62.20 a barrel by 0330 GMT. The international benchmark rose 2.5 per cent on Wednesday. Read More

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