Oil loses ground amid worry about oversupply

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Market awaits news on US-China trade talks as concerns rise over high Saudi production levels

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A gas flare burns at Russian oil refinery, operated by OAO Lukoil. in Russia. Picture: BLOOMBERGUS oil prices fell for a second day on Tuesday, weighed down by uncertainty over whether US-China trade talks are making much progress, while higher Saudi Arabian crude output reinforced concerns about oversupply.

Worries about the effect on oil demand from the fallout of the 16-month US-China trade war, which has weighed on global economic growth, have returned after doubts were cast on the chances of a phase one agreement. Caution ruled in other markets ahead of a speech by Trump to the Economic Club of New York later in the day in case there was any new word on an agreement.

Opec+, which has cut output by 1.2-million barrels a day since January under a deal set to last until March 2020, will next meet in early December.

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