Oil drops by 1 percent on U.S. supply surge, caution after U.S.-China trade talks

SINGAPORE (Reuters) – Oil prices fell by more than 1 percent on Thursday on swelling U.S. supply and amid caution after talks between the United States and China finished without any concrete details on a resolution to their trade disputes. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $51.66 per barrel at 0807 GMT, down 70 cents, or 1.3 percent, from their last settlement. International Brent crude futures LCOc1 were down 1.2 percent, or 72 cents, at $60.72 per barrel. Both oil benchmarks rose by around 5 percent on the previous day as financial global markets surged on hope that Washington and Beijing may soon be able to end their trade dispute, soothing fears of an all-out trade war between the two biggest economies and the risk of damage to global growth. “The three-day talks between U.S. and Chinese officials played a significant role in calming the markets. There were clear signs of progress in terms of moving towards higher levels of negotiations,” said Hussein Sayed, chief market strategist at futures brokerage FXTM. Some of the positive feeling ebbed on Thursday because of a lack of a details on the talks despite a warm statement from China… continue reading

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Source: CTRM Center

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