Oil drops as US-China standoff extends beyond trade

LONDON/SINGAPORE: Oil prices edged lower on Thursday as fresh tensions between the United States and China over protests in Hong Kong fuelled concern that a deal to end a trade war between the world’s top two economies may be further delayed.

Brent crude fell 44 cents, or 0.7 per cent, to $61.96 a barrel by 0951 GMT, while West Texas Intermediate crude was down 36 cents, or 0.6 per cent, at $56.65.

Both benchmarks had risen strongly on Wednesday due to bullish data on US crude inventories.