Oil falls as US rights bill fuels tensions with China
LONDON/TOKYO: Oil prices fell for a second day on Thursday after official data showed US crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fuelling tensions with China.
Brent crude was down 19 cents, or 0.3 per cent, at $63.87 a barrel by 0854 GMT, having dropped 0.3 per cent on Wednesday.
West Texas Intermediate crude fell 33 cents, or 0.6 per cent, to $57.78, after losing 0.5 per cent in the previous session.
China warned the United States that it would take “firm countermeasures” in response to US legislation backing anti-government protesters in Hong Kong.
Investors are concerned that the move might delay further a preliminary agreement between the United States and China to put an end to their trade war that has slowed global economic growth, and consequently consumption of oil.
