– 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.
Brent crude futures LCOc1 fell 12 cents, or 0.2%, to $58.12 a barrel by 0656 GMT, while US West Texas Intermediate crude CLc1 was at $52.51, down 12 cents, or 0.2%. The issues have set markets on a risk-aversion course, said Howie Lee, an economist with Singapore’s OCBC bank, even though the global oil market remains in a supply deficit that should in theory support prices at above $60 a barrel.
Ecuadorean state-run firm Petroamazonas estimates it could lose some 188,000 barrels per day , or more than a third of its crude production, due to unrest at its facilities.
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