Oil prices drop as hopes for US-China trade progress wilt
Oil prices slid on Thursday as hopes faded for any significant progress in U.S.-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand.
Global benchmark Brent crude futures fell 26 cents, or 0.5%, to $58.05 a barrel by 0133 GMT, while U.S. West Texas Intermediate crude was at $52.38 per barrel, down 21 cents, a 0.4% drop.
Chinese government officials told Reuters that China has lowered its expectations for progress in the talks to end a 15-month-old tit-for-tat trade dispute that has slowed global economic growth, upset by the U.S. blacklisting of Chinese companies.
