Oil prices dip for 3rd day as US-China trade doubts grow
Oil prices slipped for a third consecutive session on Wednesday as tensions escalated between the United States and China prior to this week’s trade talks, raising uncertainties for global economic growth and oil demand.
US industry data showing a bigger-than-expected rise in stockpiles at the world’s top oil producer also depressed prices. Brent crude futures fell 24 cents, or 0.4 per cent, to $58.00 a barrel by 0442 GMT, while US West Texas Intermediate crude was at $52.39, down 24 cents or 0.5 per cent.
Negotiators from the world’s top two economies will meet in Washington on Thursday and Friday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global economic growth.
