Oil slides as uncertainty returns about US-China trade deal
LONDON: Oil prices fell on Friday, weighed down by lingering uncertainty about how close the United States and China were to a trade deal and on rising U.S. crude inventories.
Benchmark Brent crude was down 92 cents at $61.37 a barrel by 1046 GMT, after dropping more than $1 earlier in the session. Brent is on track to end the week 0.5% lower.
U.S. West Texas Intermediate (WTI) crude was down 87 cents at $56.28 a barrel.
The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.
