Oil price slips below $66 barrel ahead of G20 summit, OPEC meeting

Oil fell below $66 a barrel on Thursday, weighed down by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite prospects for continued OPEC curbs.

US President Donald Trump said on Wednesday a trade deal with Chinese President Xi Jinping was possible this weekend but he is prepared to impose U.S. tariffs on most remaining Chinese imports if the two countries don’t agree.

“It’s all about the G20,” said Craig Erlam, analyst at OANDA. “It’s clear that investors are a little cautious when it comes to this meeting, given how talks collapsed previously and the fighting talk we’ve since seen from both sides.”