Oil falls amid concerns over Sino-US trade talks
Economy News - Baghdad
NEW YORK (Reuters) - Oil prices fell for a second day on Tuesday as market worries over limited progress in Sino-US trade talks on abolishing trade duties as well as increased US inventories.
US West Texas Intermediate (WTI) crude was down 27 cents, or 0.47 percent, at $ 56.78 a barrel by 0549 GMT, further away from Friday's eight-week high when hopes of a trade deal grew.
Brent crude futures were down 20 cents, or 0.32 percent, at $ 62.24.
CNBC television quoted a Chinese government source as saying on Monday there was pessimism in Beijing about the prospects of a trade deal as Chinese officials worry US President Donald Trump's statement that no agreement on a phasing out of the duties has been reached.
At the same time, a preliminary Reuters poll yesterday predicted that US crude oil inventories will rise for the fourth week in a row, putting pressure on prices.
The American Petroleum Institute is due to release data on the latest week by 2030 GMT on Tuesday, while the US Energy Information Administration's weekly official report is due on Wednesday.