US oil inches down amid concerns of economic slowdown


US oil inches down amid concerns of economic slowdown

US oil prices edged down on Friday as concerns over economic growth were rekindled after talks fell short of offering concrete steps to end the Sino-US trade conflict, although OPEC-led production cuts bolstered sentiment in crude markets.

Oil prices were also supported by comments from US Federal Reserve Chairman Jerome Powell on Thursday that the central bank had the ability to be patient on monetary policy.

US West Texas Intermediate (WTI) crude futures had slipped 23 cents, or 0.4 percent, from their last settlement to $52.36 per barrel by 0016 GMT. Read More

Leave a Reply

Your email address will not be published.