Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any US-China trade deal, after posting steep gains in the previous session on bullish U.S. crude inventory data.
The trade war between the world’s two biggest economies has dominated the outlook for future oil demand, and trade experts have warned the completion of a “phase one” U.S.-China trade deal could slip into next year.
Brent crude futures fell 25 cents, or 0.4%, to $62.15 a barrel by 0138 GMT. The international benchmark rose 2.5% on Wednesday.
West Texas Intermediate (WTI) crude futures dropped 20 cents, or 0.4%, to $56.81 per barrel. U.S. crude closed up 3.4% in the previous session.
