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Oil prices drop as hopes for US-China trade progress wilt

Oil prices slide as hopes fade for any significant progress in high-level US-China trade talks set to start later on Thursday

10.10.2019

Oil prices slide as hopes fade for any significant progress in high-level US- China trade talks set to start later on Thursday

High-level trade discussions between the two sides are set to start later on Thursday. But, according to media reports the pair had made no progress in preliminary, lower-level talks.

Global benchmark Brent crude futures LCOc1 fell 26 cents, or 0.5%, to $58.05 a barrel by 0133 GMT, while US West Texas Intermediate crude CLc1 was at $52.38 per barrel, down 21 cents, a 0.4% drop.

US President Donald Trump expressed optimism on Wednesday, saying there was a very good chance the two sides will reach a trade agreement. But with high-level trade discussions set to start later on Thursday, the South China Morning Post reported the pair had made no progress in preliminary, lower-level talks.

“Traders likely have their finger to the wind trying to gauge the intensity of the latest headwinds but at minimum prices could be capped until the markets get some type of favourable headline tailwind at least,” Innes said

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has granted Nigeria a higher oil output target under an OPEC-led supply cut deal, lifting the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said.

Read more: TRT World

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