SINGAPORE - Oil prices slipped for a third day on Wednesday as a surge in U.S. stockpiles reinforced concerns about lackluster global economic growth, while hopes ebbed for any movement on the U.S.-China trade war.
Brent crude futures LCOc1 were at $60.71 a barrel, down 20 cents, or 0.3%. Brent dropped 3.8% during the prior two sessions. Russia and other oil producers have agreed with OPEC to cut 1.2 million barrels per day of output through March to bolster prices, a producer group known as OPEC+. U.S. crude demand has slowed during a protracted trade war with China. Hopes for an end to the dispute in the signing of a so-called Phase 1 agreement between the sides has dimmed amid disagreements over the removal of tariffs.
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