Oil prices pegged back by mounting concern over US economy

Tokyo: Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy.

Brent crude was down 30 cents, or 0.5%, at $60.19 a barrel by 0202 GMT while U.S. crude was down 15 cents, or 0.3%, at $55.63 a barrel. Oil prices rose around 1.5% in the previous session.

Concerns about a slowdown in economic growth due to the trade war raging between the US and China, along with the potential hit to oil demand, are keeping prices in check.