Oil falls on concerns over US-China talks, weak economic data
LONDON: Oil prices fell on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, though unrest in Iraq and Ecuador lent some support to crude prices.
Both Brent crude and West Texas Intermediate (WTI) crude had risen by more than 1% earlier in the day, but by 1327 GMT Brent was down 64 cents, or 1.1%, at $57.71 a barrel and WTI was down 67 cents, or 1.3%, at $52.08.
Investors are treading cautiously before U.S.-China trade talks that take place in Washington on Thursday, though prospects for progress dimmed after U.S. President Donald Trump said a quick trade deal was unlikely.
Washington is also moving ahead with discussions over possible restrictions on capital flows into China, with a focus on investments by U.S. government pension funds, Bloomberg reported.
