Oil gives up gains on global growth concerns

Oil futures were largely flat on Thursday, reversing gains made earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session offset modest hopes for progress in resolving the US-China trade war.

Brent crude oil futures were 3 cents lower, or 0.1 per cent, to $57.66 a barrel by 0657 GMT, after tumbling 2 per cent in the previous session.

Meanwhile US West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2 per cent, to $52.73 a barrel, after sinking by 1.8 per cent on Wednesday.